A report from Fortune Magazine. "When Upper East Siders Adelle and Robert Rathe boarded a flight to Saint Martin in mid-January, they left behind a typically cold New York day. By the time they return from their resort getaway in mid-April, the trees in Central Park will have started to bloom."

"And although they once considered buying property on the Caribbean island they’ve fallen for over the decades, they’ve found something even better to splurge on: about 90 consecutive nights at Belmond La Samanna, a luxury resort that reopened in December after a $25 million renovation."

"'A lot of our friends wonder what we pay, Adelle jokes. I tell them they can find out by calling the hotel. (Run math based on the hotel’s starting rate of $545 per night, though, and the pair is likely looking at a deep-five-figure bill—minimum—before adding any food, drinks, or activities.)"

"This twist on the snowbird lifestyle—which trades seasonal vacation homes for no-expenses-spared resort stays—is becoming increasingly popular among the retirement jet set, according to industry insiders."

"'Those who choose luxury resorts over real estate purchases such as a condo or home do so not only for the five-star pampering and attentive service, but also the flexibility of choice,' says Tara Hyland, a travel adviser. 'Of course, spas, yoga classes, fitness programs, water sports, golf, tennis, and restaurants make resorts even more attractive.'"

"'Owning a house is a responsibility. The security, the constant work—you’re a slave to it,' says Adelle, who is retired, speaking from the resort while a polar vortex pummeled her Manhattan home. 'Here I’m 150 feet from the water, and I can get anything I want in five minutes.'"

"With nightly rates at these properties starting at $200—and often costing upward of $750—snowbirding at a resort year after year can easily cost more than a down payment on a beachside villa. Still, it’s not as financially reckless as it sounds."

"According to real estate consultant Jonathan Miller, the real estate market is softening in many seasonal-stay destinations, largely due to the advent of services such as Airbnb. And monetizing a vacation home through these services isn’t for everyone. In cases in which properties sit dormant for months, owners can end up wildly out of pocket, particularly when you factor in down-payments, renovations, insurance in hurricane-prone markets, monthly parking or homeowners association dues, taxes, and other costs."

"'There’s no way it makes sense to own an apartment unless you’re spending a significant amount of time there,' adds Miami-based financial advisor Patrick Dwyer about South Florida, largely considered the country’s snowbird mecca. 'But even then, you’re still losing. The myth that you’re going to make money on your property is just that. Interest rates are going up, which makes the opportunity for your capital investment in real estate more challenging. Being able to go from resort A to resort B is better than locking into a fixed cost as you get older.'"