When it comes to million-dollar home sales, Silicon Valley and the Peninsula lead the nation's list, CNBC reports, looking at RealtyTrac.com figures.
The West Valley city of Saratoga is No. 1, Burlingame No. 2, followed by Cupertino and Los Altos in the data drawn from the Irvine-based real estate information company known for its online foreclosure marketplace.
CNBC reporter Robert Frank wrote that sales of $1 million-plus have more than doubled in many communities in the Valley, "toppling longtime luxury real-estate leaders like Beverly Hills or Miami."
It's not a surprise to the Valley's realtors, of course. In many well-heeled Silicon Valley communities, $1 million is the starting price for a single-family home. In July, the Silicon Valley/San Jose Business Journal reported the doubling of the luxury home sales. The most expensive home sold in Santa Clara County was an 8,280-square-foot home in Los Altos Hills for $14.8 million, (which, probably not coincidentally, was the list price of the home owned by ).
Local realtor Bryan Robertson, writing in his Los Altos Real Estate blog, notes that it's not surprising Los Altos has sold 170 homes for $1 million or more, and that inventory in desirable north Los Altos was extremely low. While sales were very strong, he said, Los Altos was unlikely to top Saratoga, which has seen a lot of volume. Los Altos has fewer sellers from month to month, Robertson noted.
