The Three Forces Behind This Geographic Shift

There’s a clear trend unfolding right now: wealth is on the move. But it’s not random. High-net-worth individuals are repositioning their real estate portfolios based on strategy, not just scenery. Here are three driving forces behind this migration—and what they might mean for your next move.

1. Tax Strategy Comes First

Sophisticated investors are no longer just buying where they vacation or work—they’re buying where it makes sense to optimize taxes. States like Florida, Texas, and Tennessee remain magnets thanks to their income tax structures, but that’s just one layer.

Markets like Colorado, with a relatively moderate tax environment and true scarcity in luxury resort properties, offer a compelling middle ground—especially when compared to high-tax coastal cities. Investors aren’t just chasing lifestyle or appreciation—they’re evaluating real estate as a vehicle for efficiency, not just enjoyment.

2. Liquidity & Portfolio Diversification

Many ultra-wealthy investors made their money in illiquid assets like private businesses, concentrated stock positions, or real estate itself. But the more sophisticated their financial planning becomes, the more they realize: owning five $5M homes in similar markets isn’t actually diversified.

We’re seeing movement into fewer, higher-quality properties that exist in economically uncorrelated markets. A penthouse in New York doesn’t move in lockstep with a home in a mountain resort town. In some cases, they hedge each other.

3. The Resort Market Advantage: Scarcity & Structural Value

Here’s where markets like Vail and Beaver Creek have a major advantage. You can build high-rise towers in urban centers. But in true resort markets? Geography and zoning create permanent supply constraints. That’s structural value—and it’s not easy to replicate.

Investors understand this. They’re not just buying the view or the ski access—they’re buying the fact that no more of it can be created. That scarcity is part of what makes resort real estate not just a lifestyle play, but a strategic one.

What This Means for You

If you’re holding property in a metro or suburban luxury market, this might be a moment to explore repositioning—while exit pricing is still strong.

And if you’re looking to enter or expand in a resort market, understand this: you may be competing with highly strategic capital. These buyers aren’t just shopping for homes—they’re executing a bigger plan.

Wherever you are in your ownership journey, this shift is a cue to look at real estate through the lens of portfolio strategy, not just personal enjoyment. If you'd like to talk through how this could apply to your situation—reach out. I'm here as a consultant, not a salesman.

Let’s make sure your real estate still fits where you’re going next.