Low-key tech billionaires like to hide away in Los Altos Hills, about 40 miles south of San Francisco’s airport, for the quality of homes available and the relaxed, residential-only surroundings, according to the Financial Times.
“Buyers who come to Los Altos Hills want a trophy property, but they also want a level of anonymity that you don’t always get in other areas of Silicon Valley,” broker Gary Campi of Golden Gate Sotheby’s International Realty told the Times.
Since 2012, the area was booming for sales until last year, however the number of houses sold at more for than $3 million rose by 68 percent compared to 2016, according to analysis by CoreLogic. The median price is $3.2 million.
Brokers told the Times homes priced between $3 and $10 million tend to sell quickly, while higher priced homes can sit on the market for months. [FT] — Erin Hudson