The report is out - Silicon Valley lords it in the Luxury Home Market.
Woodside, Calif., is one of the hottest real estate markets. This home is currently for sale there for $12.5 million.
It seems that with the growth of the tech firms and advances in technology, the Silicon Valley attracts people with good paying jobs to stay in Silicon Valley. Where the work is, the home should be where it is. Logical and natural thing to do.
Per report of Robert Frank -
"The tech boom is turning Silicon Valley dirt into gold."
Mr. Frank based his report from the data of Coldwell Banker, as herein quoted:
"The Coldwell Banker Previews International survey ranked Woodside, Calif., in the heart of Silicon Valley, as the nation's top luxury market. Among the top five luxury markets in the country—as ranked by prices and sales volume—three are in the Valley.
"Portola Valley, Calif., ranked third, followed by Hillsborough, Calif., in fourth (Bal Harbour, Fla., ranked second). Coldwell Banker based the rankings on annualized sales in units and volume of luxury homes as well as median and average sales price gains. Brokers say that it's not just tech founders who are scooping up homes in Silicon Valley. Bankers, venture capitalists, hedge funders and scores of other finance types who feed off the tech industry are also flocking to the Valley. Foreign buyers are also drifting in, mainly from China." http://www.nbcnews.com/business/real-estate/silicon-valley-crowned-no-1-luxury-home-market-n69646
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