Finance & investment magazine, Barrons has put together a list of the best second home destinations in the US. 

If you have clients keen to rub shoulders with the social elite in the world’s largest economy, they’ll need at least a million in ready cash to afford even modest accommodation in these locations.  However, the good news is that prices are 20-40% off their peak so there is plenty of room for capital appreciation over the longer term.    

1. Maui, Hawaii

Rated the "Best Island in the World" by many US travel experts.  Home to one of the first master-planned resort communities in the US, it's a balanced blend of understated gated communities, luxury resort hotels, three excellent golf courses, a tennis center and, of course, several crescent sandy beaches.

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Median Price: $1.5 million
Drop From Peak: 27%
Neighbor: Oprah Winfrey




2. Kiawah Island, South Carolina

The island just 45 minutes from Charleston has just one developer, Kiawah Development Partners, and an architectural review board that protects the 4,500 or so properties from environmental “pollution”.  It’s Ocean Golf Course hosted the 2007 Senior PGA Championship.

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Median Price: $1.4 million
Drop From Peak: 21%
Neighbor: Dan Marino 




3. The Hamptons, New York

The favored retreat of high-powered New Yorkers is back in vogue thanks to the return of Wall Street bonuses. 

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Median Price: $1.5 million
Drop from Peak: 30%
Neighbor: Steven Spielberg




4. Park City, Utah

Popular ski resort crowned by Ski Magazine as America’s best three years running.  

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Median Price: $1 million
Drop From Peak: 45%
Neighbor: Robert Redford




5. Aspen, Colo

Year-round playground and cultural oasis.  As well as four major ski hills, there is a challenging golf course as well as numerous dance and arts festivals.

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Median Price: $5.6 million
Drop From Peak: 6%
Neighbor: Jack Nicholson




6. Pebble Beach, California

Golfer Jack Nicklaus once said that if he had one last round to play before he died, it would be at Pebble Beach. The site of four U.S. Opens. Stunning estates not far from the first tee offer sweeping views of Monterey Bay.

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Median Price: $1.1 million
Drop Since Peak: 20%
Neighbor: Clint Eastwood

 

7. Palm Beach

Florida island which is home to oodles of socialites and tycoons and boasts Addison Mizner's Mediterranean-style architecture.

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Median Price: $3.5 million
Drop From Peak: 11%
Neighbor: Henry Kravi

 

8. Captiva/Sanibel Island, Florida

Sitting off the coast of Fort Myers is a nerve center of America's foreclosure crisis. The barrier islands of Captiva and Sanibel are the very picture of laid-back living are renowned for their pristine beaches and abundant seashells.

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Median Price: $3.5 million
Drop From Peak: 40%
Neighbor: Ted Koppel

 

9. Asheville, N.C.

Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat.

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Median Price: $700,000
Drop From Peak: 38%
Neighbor: Andie McDowel

 

10.Gasparilla Island, Florida

The small island off Florida's southwest coast has been lovingly preserved: The Gasparilla Act, a state law passed in 1980, put a tight lid on population density, building heights and commercial development. Katherine Hepburn used to rent a beach house here, and it's easy to see why.

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Median Price: $1.8 million.
Drop From Peak: 18%