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Luxury real estate is doing pretty well in one corner of the country, according to NBC News: Silicon Valley.
Million-dollar home sales have doubled in several communities there, “toppling longtime luxury real-estate leaders like Beverly Hills or Miami.”
Who’s buying? Tech executives “at Apple, Google and other more established companies.” And Chinese millionaires, either as investments or to get their families out of the country…
Realtors say waves of wealthy Chinese buyers are pouring into Silicon Valley and buying up multimillion-dollar properties. They say the buyers are increasingly nervous about the Chinese government and economy and are looking for a safe haven.
But high demand and low inventory means even millions don’t guarantee instant luxury. “A 1,700-square-foot home in Los Altos, with dated fixtures and ‘lots of upside potential,’ is priced at $1.3 million,” says NBC.