Here’s a cheery news item, submitted by Burbed reader wahnny.
Published: Wednesday, 29 Aug 2012 | 10:22 AM ET
By: Robert Frank, CNBC Reporter & Editor
The home of venture capitalist Kelly Porter in Los Altos, photo, right.
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.
Booyah! We lead the nation in million dollar homes. Sayonara, Scarsdale! Meet you later, Miami gator! Buh-bye, Beverly Hills! Buh-… there’s just one problem with this article.
CNBC is comparing Silicon Valley to other “longtime luxury real-estate leaders.” And up there on millionaire’s row is… Cupertino? That’s not exactly the first town that comes to mind when we think “palatial estate.”
We don’t think this CNBC reporter understands the Real Bay Area. Any region can feature a town full of luxury homes, towns like Atherton or Hillsborough, only somewhere that isn’t very Special. You can find some real big, expensive estates in cities such as Bloomfield Hills, Michigan (boyhood home of Mitt Romney), or Winnetka, Illinois, or Greenwich, Connecticut. Or Beverly Hills.
But only in the Real Bay Area can you find crappy houses for a million dollars. Observe.
First, we look at Saratoga, since there were so many million dollar homes on the list they couldn’t find one to feature in the article (they just noted you could buy 1.2 acres with no house for more than a mill). Find out what that same price gets you with a house… after the break.