Barron's ranks best places for second homes

Barron's has selected Sea Island, Georgia, for the most coveted spot on its annual ranking of the top destinations for a second home.

"In seeking out and ranking these havens, we looked for beauty, comfort, convenience, a range of lifestyles and - always the paramount criterion at Barron's - value," the source said. Additionally, they looked for areas where prices had "clearly hit bottom and were either rising or ready to rise."

Sea Island, according to the source, meets all of these requirements. The scenic ocean-lined area is surrounded by salt marshes and boasts five miles of private beaches. As for a bottom-price, the median home price in the area dropped from $3.3 million in 2009 to $2.3 million in 2010, the source said.

A close second place was Maui, where total sales including data for people moving there permanently, have begun to rebound. The home price recently bottomed out, according to Barron's estimates, and has begun to rise slowly, up from $1.5 million to $1.7 million between 2009 and 2010.

The Hamptons in New York took third place. Though many of the waterfront properties cost around $10 million, the source says, some inland homes can be had for around $1 million.

Other markets listed include Aspen, Colorado and Martha's Vineyard, Massachusetts, which has twice served as a vacation spot for President Barack Obama.  

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