Finishes can be replaced. Architecture can be reimagined. But land, orientation, privacy, view, and location endure. Those are the assets I want my clients to own. We have already seen what that scarcity can do over time. Anyone who has fol- lowed Newport Coast and the surround- ing coastal communities over the last 20 years has watched the best properties establish entirely new levels of value. The $110 million Emerald Bay sale is the most dramatic example yet. A newly completed waterfront estate on Linda Isle is offered just below $70 million, while another extraordinary coastal estate in South Laguna has come to market at $112 million. Numbers that would have seemed almost unimaginable in Orange County not long ago are now part of the conversation. But this does not mean every luxury prop- erty is suddenly a great investment. It means selection matters more than ever. If a client is moving $10 million, $20 mil- lion, or $50 million from a liquid port- folio into real estate, I want the property that would be difficult to buy again—the lot that cannot be duplicated, the view that cannot be compromised, the home another buyer will still want 10 or 20 years from now for the same reasons my client wants it today. This is not about replacing an invest- ment portfolio. It is about allocating a portion of wealth into something scarce, tangible, and usable, an asset that can potentially appreciate while delivering a return that cannot be measured on a brokerage statement. This issue of Balliet + Wang Luxury Living celebrates the Mid-Autumn Festival, a tradition centered around family, reunion, and returning home. That feels particularly relevant now. 饰面可以更换，建筑可以重新想象。但土地、 朝向、隐私、景观与位置会长久存在。这些， 才是我希望客户真正拥有的资产。 我们已经看到了这种稀缺性如何随着时 间发挥作用。过去 20 年，任何持续关注 Newport Coast 及周边海岸社区的人，都 见证了最优质物业不断确立全新的价值高 度。 1.1 亿美元的 Emerald Bay 交易，是迄今 为止最具戏剧性的例子。一座新近完工的 Linda Isle 临水庄园目前挂牌接近 7,000 万美元，另一座位于 South Laguna 的非凡 海岸庄园则以 1.12 亿美元进入市场。 这些数字在不久之前，对 Orange County 来说几乎还难以想象，如今却已经成为市场 讨论的一部分。但这并不意味着每一处豪宅 突然都成为了优秀投资。它意味着，选择比 以往任何时候都更加重要。 当一位客户将 1000 万、2000 万，或 5000 万美元从流动性投资组合中配置到房地产 时，我希望他们买下的，是未来很难再次买 到的物业——无法复制的地块，不会被削弱 的景观，以及在 10 年或 20 年后，依然会因 为同样理由被下一位买家渴望拥有的住宅。 这并不是要取代投资组合，而是将一部分财 富配置到一种稀缺、真实、可使用的资产之 中。它有可能随着时间升值，同时也提供一 种无法在券商账户报表上衡量的回报。 本期 Balliet + Wang Luxury Living 致 敬中秋节——一个围绕家庭、团圆与归家而 生的传统。 而在此刻，这份意义显得格外贴切。 131 BALLIET + WANG LUXURY LIVING
View this content as a flipbook by clicking here.