The capital of high tech is now the capital of high-priced real estate.
Silicon Valley currently leads the nation in the number of homes sold for $1 million or more, according to Realtytrac. Sales of $1 million-plus have more than doubled in many communities in the Valley this year, toppling longtime luxury real-estate leaders like Beverly Hills or Miami.
Topping the list is Saratoga, Calif., in Santa Clara County, which had 225 homes sold for $1 million or more. That marked a 162 percent increase over last year.
Ranked second was Burlingame, Calif., which had 211 sales of at least $1 million, more than double last year’s rate. Cupertino and Los Altos ranked third and fourth in the nation, with 175 homes and 170 homes respectively.
“Silicon Valley is one of those hyper-local markets that are just very strong right now,” said Daren Blumquist of Realtytrac. (Read more: For Luxury Real Estate, the 'Year of Capitulation' )
Brokers say tech growth is the main driver of demand in Silicon Valley. But they say it’s not coming from the new crop of high-profile social-media tycoons. Instead, it’s coming from executives at Apple, Google and other more established companies.
“Everyone was waiting for the big Facebook effect,” said Bill Lewis, a vice president in the Los Altos office of Alain Pinel, the Silicon Valley Realtor.Page 1 of 3 | Next Page