The Perfacci Journal

Market intelligence, architectural studies & the art of living well

Long-form analysis from our advisors and partners — quarterly market reports, conversations with the architects shaping tomorrow's estates, and dispatches from the neighborhoods we represent.

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Featured · Q4 Market Report
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Market Report Capital Markets Q4 2025

Inventory is tightening at the top end — and the buyers driving the next cycle look very different from the last.

Across the eight sub-markets we cover, trophy listings trading above $25M have spent 18% fewer days on market year-over-year, while price discipline has hardened. Our Q4 analysis unpacks what that means for sellers considering a spring launch — and why cash, provenance, and privacy are once again the only currencies that compound.

Elena Vasquez · Head of Research
· 14 min read · December 18, 2025
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Recent dispatches

From the desk

Five new entries from the past month — long reads, market notes, and conversations with the people designing the next generation of private residences.

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Neighborhoods

Why Pacific Heights is quietly outperforming every other zip on the peninsula

Five quiet blocks between Broadway and Vallejo have absorbed 38% of all $20M+ trades this year. We mapped the buyers, the architects, and the off-market inventory that explains the spread.

Marcus Chen · 8 min Read
Architecture

Inside the studio reimagining the Pacific coast house for a post-water era

A conversation with Olson Kundig's Tom Kundig on siting, salvage steel, and why the next decade of coastal architecture will be quieter, lower, and slower to build.

Aria Whitmore · 12 min Read
Transactions

Three trades that defined the quarter — and what each one tells us about 2026

A Belvedere cove estate, a Holmby Hills legacy compound, and a Tribeca penthouse. The prices, the parties, and the conditions that closed them — sourced from public record and our private ledger.

Daniel Okafor · 6 min Read
Lifestyle

The private members' clubs quietly reinventing the post-acquisition ritual

From London to Lisbon, a new wave of invitation-only houses is reshaping what 'settling in' looks like for the globally mobile buyer. Inside three of the most considered openings of the year.

Sienna Laurent · 9 min Read
Advisory

The four-stage framework every cross-border buyer should run before signature

Tax exposure, trust structuring, residency planning, and currency hedging — a primer from our private office on sequencing the moving parts of a $20M+ acquisition across jurisdictions.

Hideo Tanaka · 11 min Read
Philosophy

What 'trophy' really means in 2025 — and why the word is finally losing its meaning

An essay from our founder on the shift from conspicuous to considered ownership, and the three quiet qualities that now define a generational estate.

Jonas Perfacci · 7 min Read
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58 deep-dive guides

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24 dispatches

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19 frameworks & primers
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