Luxury Real Estate Market Sees No Downturn
Luxury Real Estate Market Sees No Downturn
In Silicon Valley, new millionaires are buying mansions with cash
By AARON GLANTZ on December 17, 2011 - 11:33 a.m. PST
Source: The Bay Citizen
Pierre Buljan guided his black Mercedes SUV around the winding roads of the Hillsborough hills and into Atherton, where the mansions of Silicon Valley technology barons hide behind thick stone walls, wrought-iron gates and tall, manicured hedges.
“These people have essentially infinite money,” said Buljan, who has been a Realtor on the Peninsula for more than 30 years. He pointed at a sloping four-acre property that included a large redwood grove with a private creek.
“If someone falls in love with a property like this,” he said, “the price doesn’t matter.”
Everywhere Buljan turned, a historic transition was under way. A generation ago, many of these properties were second homes for San Francisco’s elite families. These days, most are being bought, for cash, by international tycoons or the youthful leaders of local technology companies.
more and pictures at...
http://www.baycitizen.org/real-estate/story/luxury-real-estate-market-no-downturn/
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