The U.S. housing market may be weak, but many big spenders are still lavishing money on luxury homes in the Bay Area
Homes selling for more than $2 million spiked in 2010 in the Bay Area, with the priciest home sold in San Francisco going for $15.5 million. Across the nine-county region, sales of homes priced at $2 million or more soared in 2010 over 2009.
The strength of high-end Bay Area home sales last year underlines the region’s recovery and how the wealthy there were relatively unaffected. In particular, some Facebook Inc. employees cashed out company shares and bought homes, in addition to buyers from tech companies like Google Inc., LinkedIn Corp. and Hewlett-Packard Co.
Over the past year, the area has seen many technology companies come roaring back with start-ups popping up all over Silicon Valley and San Francisco and hiring wars breaking out once again.