Luxury Market Insider: Silicon Valley + Research Triangle = The Luxury Tech Hub
Silicon Valley and the Research Triangle are home to the world’s top technology companies, creating two highly sought-after residential real estate markets. Our best and brightest may reside on opposite coasts 3,000 miles apart, but it is a universal luxury to live and play right in the middle of their respective innovation hubs.
The Luxury Division sat down with some of the transcontinental regions’ top luxury agents to discover the commonalities and differences between them, and learned whether east versus west, or north versus south, the luxury tech hub demands our attention.
“Sometimes, a mansion bought for cash closes in one week.”
Silicon Valley. The name alone elicits optimism and exploration, and imagery of start-up entrepreneurs and cutting edge technologies. Apple, Google, Meta, Netflix, Salesforce and Twitter are among the thousands of high tech companies headquartered in Silicon Valley, it is no wonder Elon Musk declared, “I just think people from Silicon Valley can do anything.” (1) Beyond the premier intellectual capital of its population, the region boasts enviable year-round sunshine, outstanding opportunities for outdoor enjoyment, with its terrific drivability to Lake Tahoe for skiing in the Sierra Nevada Mountains, and beach towns like Carmel along the Pacific Ocean.
The city of Cupertino is the unofficial nerve center of Silicon Valley as it is home to Apple headquarters, otherwise known as Apple Park or “The Spaceship” due to its massive circular design. Luxury real estate in the region begins here, housing Apple employees and executives who have relocated from across the globe. Compass - Silicon Valley agent Mary Tan explains, “Cupertino is an incredible cultural melting pot of people from overseas moving here for its convenience to Apple Park. There are countless dialects and international shops and restaurants. Cupertino is very proud of its diversity and the enrichment it brings to our residents.”
With respect to the homes of the luxury tech hub of Cupertino, one in-demand feature is guest quarters, either as an en suite bedroom on the main floor or a separate guest residence on the property. “Most buyers require a place for parents and grandparents to comfortably stay for extended visits. Multigenerational living is key.” Swimming pools, high level finishes, views of the valley and walk-to-town are other desirable elements. Interesting to note is these multimillion dollar home purchases are often paid for entirely in cash. “Being from overseas, these buyers have not yet had a chance to build credit in the United States,” Mary shares. “This means exceedingly quick transaction times. Sometimes, a mansion bought for cash closes in one week.”
“It’s the epicenter of people coming together to literally change the world.”
For those in search of a quieter lifestyle, Saratoga and Los Gatos are beautiful, sophisticated bedroom communities tucked alongside the foothills of the Santa Cruz Mountains, offering much more than an easy commute to Netflix, Google and Apple headquarters. (Steve Wozniak is a Los Gatos resident, among many other notable top executives.) Jennifer Oldham of Compass - Silicon Valley shares insight, starting with Saratoga. “Luxury in Saratoga is wonderfully understated and quaint, with wineries and fine dining, and a downtown that’s just a one-lane road leading up into the mountains. The higher up you go, the more dramatic the views to the Bay Bridge, which is magical when it’s lit up at night.” Jennifer’s husband and partner Andrew Oldham of Compass - Silicon Valley adds, “While generally peaceful and quiet at night, Saratoga hosts outstanding wine and food festivals. It also offers excellent value with respect to luxury real estate. Six or seven million dollars goes quite far as compared to the rest of the San Francisco Peninsula.”
For a similar small town feel with livelier culture and nightlife, Los Gatos is the place to be. Andrew explains, “The Los Gatos parks are gorgeous, and its downtown scene has been growing. ‘Music in the Park’ and ‘Jazz on the Plazz' are local favorites, along with the ‘Los Gatos Art & Wine Festival’. Also, remember that Netflix is headquartered here, so lots of their shows are filmed here.” Jennifer chimes in, “The Saratoga and Los Gatos luxury lifestyle is also so deeply tied to their easy access to cycling, surfing, skiing and hiking. You even have Big Basin Redwoods Park a short drive away. It’s an epicenter of Northern California activities, and it’s the epicenter of people coming together to literally change the world.”
“Everyday is a staycation.”
For those in search of the golf and country club lifestyle, journey further east to Silver Creek, with a highly in-demand luxury tech hub centered around the Silver Creek Valley Country Club. Nicki Brown of Compass - Silicon Valley has lived and sold homes in the Silver Creek enclave for over twenty years, and still marvels at its beauty and amenities as if she was an smitten newcomer. “Being able to enjoy this level of privacy and luxury lifestyle in such close proximity to downtown San Jose and the tech headquarters of Silicon Valley is such a privilege. Our community offers championship golf, tennis and fitness facilities. It’s no wonder top pro athletes like some of the San Francisco 49ers choose to make Silver Creek their home.”
Upon driving through the guarded gates, sprawling trophy homes pepper the perimeter of the golf courses, and have enviable resort-style yards with fountains, pools, spas and cabanas, and views all the way to the city lights of San Francisco. Nicki beams, “These may be primary residences, but it’s resort living. Everyday is a staycation.” Inside, homes are customized to fit the needs and desires of their high-net-worth owners. “I sold one property which boasted a private elevator and a home theater with a buildout and equipment cost of one million dollars!” There is terrific shopping nearby, with designer stores including Dior and Chanel, and it’s not uncommon for Ferraris and Rolls Royces to fill the public parking spaces. “Residents of Silver Creek have fun customizing their golf carts, too,” smiles Nicki. “I recently saw one designed to look like a Bentley, along with personalized seat cushions.”
“People are moving here in droves.”
Named after the shape of the imaginary line if drawn on a map that would connect Duke, UNC-Chapel Hill and North Carolina State Universities, the Research Triangle or “The Triangle” is enjoying a massive tech boom, with companies such a Apple, Meta, Egnyte and Microsoft either relocating their headquarters or opening satellite offices in the region. An average of 70 people move to the area every day (2), including tech’s top executives and CEOs, but it’s not just tech transplants creating the population boom. “People are moving here in droves from Boston, New York City, Chicago, Florida and the Bay Area,” declares Compass - Greater Raleigh agent David Worters. “This is the first place I ever lived where people decided they wanted to live here first and figured out what to do for a job afterward. The buyers decide their hearts are in the Triangle, and they make it happen.” There are a host of industries offering job opportunities in the Triangle in addition to tech, including pharma, biosciences and the universities. “There is huge demand for highly educated people.”
Agent Gretchen Coley of Compass - Greater Raleigh eagerly chimes in, “The Triangle has one of the highest concentrations of PhDs in the country (3), and is a quality of living market that simply cannot be beat.” Gretchen begins by highlighting the outstanding climate of the luxury tech hub. “Our market offers a four-season lifestyle, with warm summers and mild winters. One can live outdoors all year, which in and of itself is a truly luxury experience.” The Triangle is also a two- to three-hour drive to the Blue Ridge Mountains and the world-class beaches of North Carolina. “Many high-net-worth residents own second homes in these communities, for a quick luxury getaway.” David adds, “On the subject of drivability, new residents are thrilled by our easy commuting times. Executives and top talent are not fighting traffic to get to the office, as they likely once did prior to moving here. The Triangle also has wonderful greenspaces in close proximity to our tech hubs and universities. People can enjoy the outdoors throughout the work day, and really take advantage of our lush landscape and neighborhoods.”
“Luxury here looks like a bargain relative to other parts of the country.”
With its massive influx of tech businesses and industry leaders, there has been a subsequent swell of luxury property demand. Agent Dana Ellington of Compass - Greater Raleigh marvels at the local strength of luxury real estate, seemingly insulated from rising rates slowing demand. “The high-net-worth buyers moving to the Triangle often paid much higher housing costs in their previous hometowns, including higher property taxes and homeowners insurance costs. Luxury here looks like a bargain relative to other parts of the country. We are seeing historic growth and appreciation, and I don’t see anything slowing down.” Compass - Greater Raleigh agent Gretchen Castorina is in full agreement. "Many of our most desirable ‘in town’ locations in Chapel Hill and ‘inside-the-beltline’ in Raleigh are in historic and golf course neighborhoods where there is a fixed amount of land and limited inventory. Complete to the studs renovations and teardowns of existing older homes are more prevalent, as demand for upscale homes escalates. The biggest challenge has been keeping up with the demand for luxury new builds, as lead times from planning to completion can be 18 months or longer, especially in historic districts.”
In addition to the University-focused Chapel Hill, Gretchen details the other luxury housing stock and neighborhoods of the Triangle. "Downtown Durham has a more urban vibe, with its hip converted old tobacco factories and newer high-rise condos with luxury penthouse units selling for many millions of dollars, all with a high walkability factor to restaurants, theaters and farmers markets.” In Raleigh and just outside of Chapel Hill, luxury real estate looks quite different, with high-end golf course communities especially attractive to executives and entrepreneurs who have relocated to the area. “Lifestyle communities such as gated Governors Club, make it easy for newcomers to meet people and establish themselves, with its clubhouse dining, mingling venues, wellness offerings and sports facilities."
Aesthetically, the housing stock in this luxury tech hub offers a diverse range of architectural styles, from 1930s and 1940s bungalows to modern contemporaries. Coveted features include flexible communal spaces, dedicated home offices, and inviting swimming pools. Dana emphasizes, “Our favorable climate fosters a strong emphasis on outdoor areas for year-round entertainment and relaxation, further enhanced by outdoor heating features and cooling mechanisms.” Dana continues, “Transplants from California are leaving their mark on the Triangle's building style, with a growing focus on sustainability, energy efficiency, and eco-friendly materials. It's truly inspiring to witness this shift.”
“We offer something for everyone.”
In addition to its exceptional high tech environment and intellectual capital at its three universities, the Triangle has enviable cultural attractions, from a serious foodie scene to the North Carolina Symphony and Durham Performing Arts Center, from the NHL’s Carolina Hurricanes to the ever-popular local college sports teams. “We offer something for everyone,” beams Gretchen Coley, “and with so much talent relocating here, our population has become remarkably diverse. We are a true melting pot.” Not to be overlooked is the Triangle’s stellar healthcare, another driving force bringing newcomers. Gretchen Castorina underscores, “The Triangle has one of the nation’s highest concentrations of health care professionals, and its medical care is ranked among the best in the world.”(4)
“And the Triangle is ranked among the best places in the nation to live, too,” (5) adds David Worters. “The media discovered us, the tech industry discovered us, and our luxury tech hub just keeps getting better and better.”
Ready to explore luxury listings in these luxury tech towns and beyond? Click HERE to begin your journey through the Luxury Market Insider Collection.
(1) https://yourstory.com/2014/07/quotes-for-entrepreneurs (2) https://www.lithiosapps.com/blog/is-raleigh-poised-to-become-one-of-the-east-coasts-largest-tech-hubs#:~:text=Companies%20such%20as%20Apple%2C%20Microsoft,offices%20in%20the%20Raleigh%20area. (3) https://www.researchtriangle.org/the-triangle/ (4) https://www.raleighchamber.org/healthcare.html (5) https://realestate.usnews.com/places/rankings/best-places-to-live
Featured Agents
