3. The Crystal Coast, North Carolina

The southern part of North Carolina's Outer Banks boasts unspoiled beaches, national parks and wildlife preserves. World-class fishing results in abundant (and excellent) seafood restaurants. There's even something for history buffs: Civil War forts and the town of Beaufort (reportedly the home of Blackbeard). Yet this area is far from a tourist trap. "It still has a quietness about it," says Craig Venezia, author of "Buying a Second Home: Income, Getaway or Retirement." "It's retained a lot of its charm and beauty." Prices for waterfront property on the island start at $100,000 for a one-bedroom condo overlooking Bogue Sound (the waterway between the Outer Banks and the mainland). However, oceanfront properties, especially in popular towns like Indian Beach, can easily top $2.5 million.

Why Buy Now: Property values fell 18% this year, the first decline in more than a decade, says Venezia. Because the popular vacation destination has seen little negative impact from foreclosures or speculative real estate investments, it should rebound quickly, he says. Property values here have historically appreciated by about 9% a year.

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