The unofficial retirement plan for New York's financial elite used to be Florida. Now it's Dallas—and they're moving before their company tells them to.
The math is simple, even brutal: A senior vice president earning $750,000 in Manhattan is leaving roughly $70,000 on the table every year—money that vanishes into state and city coffers before it ever hits their account.
The official story is that Goldman Sachs won't open its Dallas campus until 2028, that Nasdaq Texas won't launch until 2026. But here's what the headlines miss: the smartest money isn't waiting for the ribbon-cutting ceremony. They're securing their Dallas address now, while inventory is favorable and before 5,000 of their peers flood the luxury market.
"Will Dallas Feel Like a Downgrade?" The Culture Concern
Let me be direct: If you're comparing Dallas to Manhattan, you're asking the wrong question. The right question is: "Where else can I live in a $4.5M custom estate with a pool in an elite school district, enjoy a Michelin-recognized dining scene, and still be 18 minutes from my office?"
Highland Park's reality is this: A beautifully updated cottage or bungalow—the kind with original hardwoods, designer kitchens, and that walkable-village lifestyle—starts at $3M. Larger estates with pools, guest houses, and true privacy? You're looking at $5M and climbing from there. But here's the perspective shift: In Manhattan, $4.5M gets you maybe 1,800 square feet in a good building. In Highland Park, it gets you a house where your family actually lives, not just sleeps.
And if you're willing to drive an extra 10 minutes? You can find spectacular homes under $2.5M that would cost $8M in Westchester.
The Dallas Arts District is the largest contiguous urban arts district in America. The restaurant scene just earned its first Michelin stars. This isn't a consolation prize; it's a lifestyle upgrade that includes keeping an extra $70K annually.
Where Wall Street Actually Lives in Dallas: The Executive Geography
After 27 years in Dallas luxury real estate and 1000+ transactions, I can tell you exactly where your New York peer group is settling. This isn't generic advice—this is pattern recognition from actual Wall Street relocations:
Highland Park / University Park | The Upper East Side Analog
Why Wall Street chooses it:
Top-ranked HPISD (Highland Park ISD), walkable village with boutique shopping, established prestige—this is Dallas's equivalent of living "in the right zip code"
Commute to Goldman/Victory Park: 12 minutes
Real price range: $2.5M (updated cottages) to $30M+ (estates)
The insider detail:
Beautifully renovated bungalows with charm and modern finishes start at $2.5M. Looking for more space? You could get 3750+ sqft home with pool and privacy for $4M+. The larger estate range up to $35M and rarely hit the public MLS—this is relationship-based real estate, exactly like the Upper East Side co-op market you know.
Preston Hollow | The Greenwich Parallel
Why Wall Street chooses it:
Multi-acre estates, absolute privacy, old-money Dallas
Commute to Victory Park/Uptown financial corridor: 18 minutes
Real price range: $3M–$30M+
The insider detail:
This is where George W. Bush lives. Mark Cuban. Established power. If you want a compound where your nearest neighbor is 200 yards away, this is it.
Lakewood | The Brooklyn Heights Discovery
Why Wall Street chooses it:
Historic charm, tree-lined streets, authentic neighborhood feel, minutes to downtown
Commute to Victory Park/Downtown: 15 minutes
Real price range: $800K–$3M
The insider detail:
This is Dallas's best-kept secret for executives who want character over country club, walkability over gate guards. Think 1920s Tudor and Colonial Revival homes on leafy streets, White Rock Lake for running/cycling, and a tight community vibe. It's where the younger Goldman VPs and senior associates are buying—smart money recognizing value.
Westlake / Southlake | The New Canaan Comp
Why Wall Street chooses it:
Carroll ISD (perennially ranked #1 nationally), newer construction, corporate campus proximity
Commute to DFW Airport: 15 minutes
Real price range: $1M–$12M
The insider detail:
Schwab and Fidelity execs cluster here. Built-in Wall Street network. If you're relocating with teenagers who need continuity and elite college prep, Carroll ISD is your answer.
Uptown / Turtle Creek | The Tribeca Alternative
Why Wall Street chooses it:
High-rise luxury, walkability, Katy Trail access, lock-and-leave lifestyle
Commute to Victory Park: 8 minutes (you can bike it)
Real price range: $800K–$8M (condos/penthouses)
The insider detail:
Perfect for the executive who still flies to New York twice a month and doesn't want yard maintenance. This is where you get your urban fix with restaurants, bars, and running trails. The high-rise condo market here rivals anything in Battery Park City.
The Value Play
If you're willing to be 25 minutes from downtown instead of 12, neighborhoods like North Dallas and Plano offer spectacular homes under $2.5M—properties that would be $6-8M equivalents in Scarsdale or Darien.
THE TOTAL TAX ARBITRAGE: A Wall Street Executive Case Study
Let's run the actual numbers for a typical senior executive at a NYC bulge bracket or hedge fund:
Manhattan Executive → Dallas Move
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Base Salary: $750,000
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Bonus: $500,000
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Total Comp: $1,250,000
New York Burden:
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NY State Tax (8.82% on income over $1M): ~$105,000
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NYC Tax (3.876%): ~$48,000
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Total Annual Tax Hit: $153,000
Texas Burden:
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State Income Tax: $0
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City Tax: $0
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Annual Savings: $153,000
"But what about property taxes?"
Yes, Texas property taxes average 1.8% (vs. Manhattan's 0.9-1.2%). Let's be precise with Highland Park numbers:
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Highland Park $4M home: ~$72,000/year in property tax
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Comparable Manhattan $4M property: ~$40,000/year property tax
Net difference in property tax: $32,000
Bottom Line: You're still ahead $121,000 annually. Over a 10-year career arc in Dallas, that's $1.21M in after-tax wealth preserved—enough to fully fund two kids' Ivy League educations or buy a ski house in Aspen outright.
And remember: In Manhattan, that $4M gets you a 1,600 sq ft apartment. In Highland Park, it's a renovated estate with a pool and yard.
The Douglas Elliman Advantage: Why Manhattan Expertise Matters in Texas
Here's what most Dallas agents won't tell you: Navigating a luxury relocation from New York to Texas requires someone who understands both markets intimately.
Douglas Elliman built luxury real estate in Manhattan. We understand the co-op board process you just survived. We know what it means when you say "I'm looking for the Yorkville vibe but with actual space." We've handled the simultaneous sale-and-purchase dance a hundred times. That New York sophistication doesn't disappear when you cross the Red River—it's exactly what you need to navigate Dallas's luxury market correctly.
Our Wall Street executive relocation service includes:
• Confidential pre-market access to Highland Park, Preston Hollow, and Lakewood properties that never reach public listing (just like the off-market co-op deals in NYC)
• School district analysis matched to your children's current academic profile—we'll compare HPISD to Horace Mann, Carroll to Dalton
• Simultaneous sale coordination with our NYC offices for seamless timing and tax optimization
• White-glove tour logistics: You fly in Friday night, we show you 12 perfectly curated properties Saturday/Sunday, you're back in Manhattan Monday morning
• The Douglas Elliman network: When the HR team calls us (which they do), we already know which neighborhoods their VPs are targeting
The Market Reality You Need to Know
Luxury inventory in Highland Park is up, and days-on-market are averaging 87 days—the most negotiating power buyers have had since 2019. Translation: You have leverage right now. But the moment Goldman's campus opens and Nasdaq Texas launches, that window slams shut. The best properties in HPISD will have multiple Wall Street offers before they hit Zillow.
I've watched Frisco transform over 27 years from ranch land to financial hub. I saw what happened when Charles Schwab moved 2,000 jobs. The smart money secured their homes 18 months before the official opening. The people who waited paid 20% more and settled for their third choice.
Your Next Move
For Executives Ready to Act:
[Schedule Your Private 15-Minute Dallas Strategy Call →]
Let's discuss your total tax picture, target neighborhoods, and school priorities. I'll tell you what's actually available in your price range and what you should avoid. No sales pitch—just 27 years of Dallas luxury market intelligence from someone who speaks fluent Wall Street.
For Those Still Evaluating:
[Request Our Wall Street → Y'all Street Relocation Package →]
Receive our comprehensive guide including:
• Highland Park vs. Lakewood vs. Preston Hollow: Which neighborhood matches your Manhattan lifestyle?
• School district rankings with NYC private school comparisons
• The complete NYC vs. Dallas tax arbitrage calculator (customized to your comp level)
• Current luxury market inventory analysis (updated weekly)
• Commute maps from every major neighborhood to Victory Park, Uptown, and DFW Airport
