The San Francisco press would have you believe that the instant tech millionaires from Silicon Valley are the ones buying Bay Area homes with suitcases of cash, sending regional home prices sky-high. But in fact, it’s the quiet achievers — the professionals toiling away in their corporate jobs and retirees who have put away a serious nest egg — who were the bulk of cash buyers scooping up San Francisco and Silicon Valley properties sold by the San Francisco Bay Area brokerage Pacific Union in the first half of this year.
- White collar professionals were the predominant cash buyers among Pacific Union clients in the San Francisco Bay Area for the first half of this year.
- Retirees are another big group buying homes in the Bay Area for cash.
- Tech buyers represented a smaller than expected percentage of cash buyers but there was a strong correlation between tech boom and rents sky-rocketing.