Silicon Valley Running out of Luxury Homes

America’s tech capital has sold half its supply of homes in the past year.


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.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

More Money Talks News

Comments

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,462 more deals!