Recently I wrote about how Woodside is at the top of a Wikipedia listing of highest-income places in the United States. Now a CNBC article places Woodside as the nation’s top luxury home market. The latest stat, reported by CNBC, comes from the 2014 Coldwell Banker Luxury Report and names several other Silicon Valley cities as leaders in luxury homes, based on sales in units and volume as well as gains in average and median sold prices. In fact, three of the top five top luxury markets are in Silicon Valley, with Portola Valley at #3 and Hillsborough at #4.
Silicon Valley home buyers come from various sectors
Where are buyers of these elegant homes that often sell at well into the tens of millions of dollars coming from? People who don’t live in Silicon Valley but have only heard of it see it as one of the high-tech capitals of the world and assume that most of the expensive homes are being bought by rich executives and mavericks in that arena. But those of us who work in real estate here know different.
Along with venture capitalists, bankers, hedge funders and others whose work involves financial aspects of the tech industry, we’re seeing more and more foreign buyers from countries such as Canada and more recently China. While Canadian homebuyers have always played a part in the Silicon Valley real estate market, well-heeled Chinese are now putting significant amounts of cash into both personal and investment homes.
A relatively small number of homes for sale coupled with a high number of qualified buyers have created a very favorable market for homeowners wishing to sell. Bidding wars are breaking out all over. The CNBC article recounts a story from a local real estate agent that paints a common picture: the agent on a Tuesday listed a Woodside home for $5.8 million. Five bids were placed on it in three days. It was a quick sale for a nice price: $7.26 million.
9 for over $9 million
The Multiple Listing Service shows 59 homes currently on the market in Woodside, with the top listing a nine-bedroom, 9,000-square-foot property advertised at $69,800,000. Of the available selection of homes, nine are priced at over $10 million. Only one is listed for under $1 million, and only 16 others are selling for under $2 million.
With the strength of the current market and bidding wars ratcheting up prices, it’s likely Woodside will remain for awhile on top of the country’s luxury home market.
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