Real Estate
Silicon Valley’s Hot Market Fuels Bidding Wars on $4 Million Fixer-Uppers
Asking prices are ‘meaningless’ in California towns buoyed by tech stocks, where the newly rich are racing to land deals before competition intensifies.
In the San Jose area, better-than-average earners are routinely losing out in bidding wars.
Photographer: David Paul Morris/BloombergIn California’s Silicon Valley, it often takes millions of dollars just to score a fixer-upper.
High mortgage rates may be snuffing out demand for homes elsewhere in the US, but for the area’s many software engineers riding the tech stock boom, and crypto millionaires cashing in gains, none of that matters. Tracy Hsu, an agent in Cupertino, tells her clients that it’s about bidding high enough to win.