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November 1, 2014

Silicon Valley Dominates Top Luxury Market List

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Silicon Valley Dominates Top Luxury Market List

Silicon Valley is home to three of the top nation’s top five luxury markets, according to an index by Coldwell Banker Previews International, which ranks markets by average sale price gains and the sales volume of luxury homes.

“The market is just incredibly strong,” Scott Dancer, a real estate professional with Coldwell Banker in Silicon Valley, told CNBC. “The issue now is getting quality inventory.”

Silicon Valley is not just seeing a lift in its housing market from technology companies but also bankers, venture capitalists, hedge funders, as well as foreign buyers – particularly from China – who are propelling the market there, CNBC reports about the survey’s results.

The Coldwell Banker survey found that overall luxury markets tended to be near water too. Seventy percent of the luxury markets in the index were located near a body of water, which the report says supports the view that the luxury markets offering water views are always in demand.

The following cities are the nation’s top housing markets, according to the Coldwell Banker Previews International survey:

  1. Woodside, Calif.
  2. Bal Harbour, Fla.
  3. Portola Valley, Calif.
  4. Hillsborough, Calif.
  5. Thousand Oaks, Calif.
  6. Glenbrook, Nev.
  7. Arcadia, Calif.
  8. Southport, Conn.
  9. Incline Village, Nev.
  10. Atherton, Calif.
  11. Kailua Kona, Hawaii
  12. Hobe Sound, Fla.

Source: “Silicon Valley Is Crowned No. 1 Luxury Home Market,” CNBC (April 2, 2014) and Coldwell Banker Previews International

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