New York City: A Base For Seasonal Migrations

Ultra-wealthy real estate investors in New York have been described as having quite an appetite for homes. Their real estate holdings often revolve around four major markets: New York (a-pied-a-terre), the Hamptons (a beach house), Aspen (a ski villa) and Miami (winter condo). With homes in four (or more) locations, it’s hard to identify any one of them as a “second” home. This group of people have gone beyond the search for full-time homes or residences, and instead are opting for a collection of homes along a circuit of grand events.

Today’s rich investors are migratory creatures moving between the places where people play polo and attend other exclusive events. And you can bet they have property at each destination even while, in a sense, they live in none of them. They are propelled to migrate with the sun, the VIPs’ calendar of annual events or the seasons.

The changes in the population of multimillionaires in these destinations are striking. There are noticeable changes as each month goes by. A practical example is New York’s millionaires. Their peak population period is often in June with about 32,500 individuals who are worth above 10 million dollars. February, which is known to be a month of low population for deca-millionaires, drops to about 11,700. This is in contrast to Miami’s estimated population of deca-millionaires which increases in December to over 5,000, and drops in June to 1,000. Despite the consistent sunny weather in Los Angeles, its population has also been volatile as there is usually an increase in June (over 11,000) and a drop in February to 5,000. This drop results from the migration of the rich to various ski resorts and tropical locations.

The wealthy of the world are gradually coming here to New York because it is usually the first option for dining, culture, shopping adventures and one of the best places for wealthy parents of school-aged children. The circuit of movement for the rich begins in the fall in New York, Miami in winter, Aspen for skiing, New York for spring and then the Hamptons from July to August. New York is home base for all of these seasonal tours.

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