Silicon Valley boasts the highest number of homes sold for $1 million or more in the nation, according to RealtyTrac. A vibrant tech boom is helping to boost home sales of $1 million and up, which have doubled in this area in the past year.
Silicon Valley’s housing market is benefitting from a tech boom as well as a surge in wealthy Chinese buyers who are entering into all-cash real estate deals. Demand has increased so much there in the $1 million and above range that inventory of homes for sale has fallen by half in the last year, particularly in communities like Palo Alto and Los Altos. Investors who want to build luxury properties instead of buying may have to work with a luxury commercial contracting company.
Sales have moved so much higher in Silicon Valley that it has bumped out former luxury leaders like Beverly Hills and Miami. The following cities now account as the new leaders in the luxury market, CNBC reports.
- Saratoga, Calif.
- Burlingame, Calif.
- Cupertino, Calif.
- Los Altos, Calif.
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
