Categorized | Residential

Bay Area Mansions in Great Demand

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Although the majority of California’s real estate market continues to struggle, there is one sector that is booming. Overall sales of mansions in the bay area have been flourishing over the past few years, much due in part to the technology boom.

The Silicon Valley housing market is home to some of the most incredible, and quick selling mansions. Not only have sales increased in the area, but the prices of the homes have skyrocketed as well. In the last year, home values have gone up five percent, with the average house selling for over one million dollars.

These mansions are incredibly attractive to buyers, as the area is home to an excellent school system, and a robust local market. Houses in the area have even sold for as much as one hundred million dollars.

While many areas see houses and properties that stay on the market for months or even years without a single offer, the mansions in the Silicon Valley area can receive up to as many as twenty offers in a very short period of time. The number of houses in the area is limited, which has led to the construction of more homes.

Unfortunately for the banks, the people buying these homes aren’t taking out loans or even thinking about financing. Many of the homes are bought with cash, which is another sign that the area has quickly become one for the super elite. The sales in the area aren’t expected to slow down any time soon, as more and more of the world’s richest are looking to build their nest there.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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