The largesse is starting to spill into the local economy. "We see a whole lot of money flowing out here right now," says Ginny Cain McMurtrie, a vice president at Saratoga, Calif.-based Alain Pinel Realtors.
In the first quarter of 2006, 82 homes were sold for more than $2.5 million in Santa Clara and San Mateo counties, the real estate firm says.
"I hear the agents talking about the Googlers and eBayers looking at $3 million houses," Cain McMurtrie says. A home in the tech-executive hamlet of Woodside recently sold for $10.3 million.
That's a striking contrast to the rest of the country, where a softening market has caused the median home price to nearly flatten at about $230,000, says the National Association of Realtors.