The American Dream getaway may finally be affordable -- and a value investment.There are no official industry numbers for tracking housing prices for the vacation property sector. But like the rest of the real estate market nationally, second homes and vacation homes have seen significant price drops. We found smart deals on second-home escapes around the country, from waterfront island getaways to mountain retreats.
See 10 property values between $200,000-$350,000 that grabbed our attention. The slide show tour begins with the navigation to your right.
Pine City, Minn.
ASKING PRICE: $209k
1,230 sq. ft.
2 BR / 1.75 BA
FEATURES: Lakeside single-family home
Two hours north of the Twin Cities, Pine City offers an historic downtown with restaurants and shops paired with recreational water activities on Cross Lake, pictured here off the deck of this waterfront property.
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Lincoln City, Ore.
ASKING PRICE: $209k
1103 sq. ft.
3 BR / 2 BA
FEATURES: Canal-front villa
Oregon offers 363 miles of Pacific Coast byways to explore. About two hours southwest of Portland lies the first of Oregon's three primary coastal towns, Lincoln City, which has a 680-acre lake and river connecting to the Pacific.
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Miami Beach, Fla.
ASKING PRICE: $225k
1,145 sq. ft.
1 BR / 1.5 BA
FEATURES: Marina-side condo
You can own a piece of sizzling Miami Beach. This one-bedroom condo in Normandy Isles overlooks Biscayne Bay with marina views.
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Hutchinson Island, Fla.
ASKING PRICE: $235k
1970 sq. ft.
2 BR / 2 BA
FEATURES: Dockside harbor condo
Watch the boats from the sun room of this Harbor Isle condo on Hutchinson Island, a barrier island surrounded by the Atlantic Ocean, St. Lucie inlet and the Indian River.
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Limerick, Maine
ASKING PRICE: $264,900
N/A sq. ft.
3 BR / 1 BA
FEATURES: Lakeside single-family, furnished
The state's stable real estate market, historically protected from bubbles and busts, offers a safe place to search for a second home or investment property.
Situated 30 miles west of Portland, Me., this home on Lake Arrowhead offers 110 feet of gradual sandy beach lakefront, a new kitchen and comes furnished.
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Hilton Head Island, S.C.
ASKING PRICE: $269k
1160 sq. ft.
2 BR / 1 BA
FEATURES: Poolside-villa
Hilton Head Island, about an hour north from Savannah, Ga., offers some of the best beaches, golfing and seafood on the East Coast, with plenty of real estate inventory. The view from this condo at the Hilton Head Beach Club Villas captures the beauty one finds just about anywhere on the island.
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Manitou Springs, Colo.
ASKING PRICE: $275k
1560 sq. ft.
2 BR / 2.5 BA
FEATURES: Mountain views, gated single-family community
Manitou Springs is less than ten miles outside of Colorado Springs (our fifth ranked city for 2008), an historic town, restaurants with artisian galleries plus local hiking and skiing on Pikes Peak. The property is also only 65 miles from Denver.
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Mesa, Ariz.
ASKING PRICE: $329k
2250 sq. ft.
4 BR / 2 BA
FEATURES: Private pool, single-family home
Mesa is an appealing alternative to the crowds and traffic of Phoenix. For Sun City residents to the northwest of Mesa, it's an attractive area for second homes.
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Nags Head, N. C.
ASKING PRICE: $329k
2,016 sq. ft.
4 BR / 3 BA
FEATURES: Oceanfront single-family home
This rustic North Carolina town is a favorite escape for beachcombers in the mid-Atlantic region. We found this beach house listed $100k below assessment with a reported annual rental income of $30k.
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South Padre Island, Tex.
ASKING PRICE: $350k
1,252 sq. ft.
2 BR / 2 BA
FEATURES: Marina-side condo, includes boat slip
This subtropical barrier island along the Texas Gulf Coast hasn't suffered a major hurricane since 1967 (Hurricane Beulah). It's a favorite convention and spring break hot spot with room for upscale living, golfing and boating.
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