Silicon Valley is facing a shortage of high-end, $1 million-plus homes as Chinese investors eye the tech-savvy region as a place to park their cash, CNBC reported Wednesday.
Silicon Valley now leads the country in the number of homes sold for $1 million or more. Part of that demand comes from tech executives at Apple, Google and other companies, but the rest is coming from Chinese investors and families who are choosing the Palo Alto region for its schools and quality of life.
The CNBC study says Palo Alto and Los Altos only have a few weeks of inventory left in the million-plus price category.
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