Luxury Home, Car Sales Surging In Silicon Valley
SANTA CLARA (KCBS) — While the rest of the country is still suffering from a lack of consumer confidence just the opposite is true in Silicon Valley. According to realtors and car dealers, high-end home and luxury car sales are surging.
Over at Lexus of Stevens Creek, President and General Manager Brendan Harrington, who just bought 50 more cars from another dealership, said sales are up 100 percent from last year.
“It goes back to your question of who’s buying these cars. Everyone’s feeling more confident again. With that confidence, comes an interest in getting out there and rewarding themselves,” he explained.
Harrington said there’s been about a three or four year pause without those types of self rewards.
When it comes to homes things have gone beyond heated bidding wars. Realtor John Pinto called it a, “buying frenzy” for upper-end homes.
KCBS’ Mike Colgan Reports:
“I just listed a property near San Jose City College and the buyer’s agent said, what kind of an offer can we make you to stop the open house? I gave him a hint as Vito Corleone would do and they gave us an offer we couldn’t refuse.”
Pinto said for the first time in four years, he’s also seeing trade up buyers entering the market in droves.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)