4. Lake Tahoe, California

With close to 71 square miles of mountainous shoreline, almost every property in Lake Tahoe boasts a view of the water. In the winter visitors can ski at one of a dozen ski areas. In the summer, music, wine and Shakespeare festivals abound for those who tire of swimming and boating all day. Lakeview homes start at $250,000, with more ostentatious lakefront properties topping $25 million.

Why Buy Now: California home prices have plunged an alarming 26% since last March, according to DataQuick, a real estate market researcher. "You'd almost have your pick of property," says Pereira. Beyond single-family homes, there are condos and cottages, as well as purchase shares on larger homes. Given Lake Tahoe's popularity, there's little doubt that home values will spring back as the economy stabilizes, he says.

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