In Atherton, High Demand for $10 Million-Plus Mansions

Seven mansions valued at $10 million or more have sold so far this year

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    NEWSLETTERS

    Mansions priced at $10 million or more are selling like "hotcakes" in Atherton. Janelle Wang reports.

    It's boom times for the mansion market in Atherton.

    Mansions priced at $10 million or more are selling like "hotcakes" in the Peninsula town, according to CNBC.

    Atherton is now America's wealthiest zip code. It's easy to see why: It's in the middle of Silicon Valley, almost equidistant between San Francisco and the big tech firms in the valley.

    In other words, it might be the perfect place for big money to live.

    Atherton is the most-sought after locale for the rich, CNBC eported. Broker Ken Deleon says that he had no trouble moving a $14 million mansion -- in 72 hours.

    That mansion went to a Chinese buyer. That's no accident: In fact, brokers say that Forbes naming Atherton "the" place to be in the states only made property more expensive for folks looking for a "prestige" home.

    Brokers say they often see all-cash buyers, and some will purchase the home sight unseen.

    It's gotten to the point that Deleon, who's on track for $500 million in sales this year, is in the market for his own plane -- the better to show the "Chinese and Indian buyers the beautiful views of what they could be buying," CNBC reported.