$1.15M in cash can get you into Wellesley

The Boston Herald reports that the Greater Boston housing market is increasingly pitting locals vs. buyers from overseas. Some of the buyers from overseas are purchasing properties, then renting them out, as investments. Others are buying homes with plans to move in: Among the examples they give in the story is a woman from China who plunked down $1.15 million in cash to outbid another buyer and be close to her child, who attends a private school in the burbs.