Silicon Valley tech, home boom mirrors Lake Union

Financial-data firm Fiserv reported last week that the Pacific Northwest has become the headquarters for regional housing growth, rating Tacoma and Seattle-Bellevue-Everett as the best places to buy in the country.

Now, Fox News reports that a mansion boom is on in the Silicon Valley where a tech rush – much like Seattle’s south Lake Union neighborhood – is once again causing larger homes to be to be in demand.

Alex Wang, Silicon Valley real estate specialist, says he’ll get 17 or 18 offers on a property at times, and that buyers are even purchasing homes for hundreds of thousands of dollars over the asking price. Also, many of these buyers are paying cash and closings are happening quickly.

“The social media and explosion of high-tech IPOs are also creating a new work environment where people aren’t always in the office,” said Allison Buffam, marketing manager with SummerHill Homes, the San Francisco Bay Area homebuilding division of financial giant Marcus & Millichap.

“They want to be able to be at home and work as well, and they want the best home they can afford.”

The social media tech boom in Silicon Valley has caused mansions to become sought-after, but with limited inventory of homes for sale, new construction and bidding wars are increasing, Fox News reports.

In Palo Alto, Facebook’s headquarters, the median sale price of a single-family home rose nearly 5 percent over last year to $1.3-million in June, DataQuick reports.