Santa Fe still magnet for art, opera, adobe house lovers

The real estate market in Santa Fe, that ever-growing favorite of second-home owners who love art, opera and turquoise, is not what it was before the housing bubble burst, but there are buys to be had, as I learned last week. Example: a house with both a studio and a guest house on the property in the desirable South Capitol district (walking distance from the Plaza, if you're accustomed to lengthy walks) is offered at $625,000, which is $50,000 less than the original January price.

That may still sound high to bargain hunters, but the guest house is rented out for $775 per month and has private access, so income is already in place to help you pay the mortgage. It's a tri-level house with 2,443 square feet, 3 bedrooms, 3 baths, as pictured above. Interested? Call agent Laura Lichtenstein at Santa Fe Properties (505) 470-1098. And yes, we're related. (She's my cousin.)

No Smoking Cabins available in Great Smoky Mountains

The Great Smokies are a bargain this summer, says Money Magazine. In a feature on last minute deals, it recommends the gorgeous area of the Great Smoky Mountains National Park on the Tennessee/North Carolina border, with an assist from Christine Karpinski, author of How to Rent Vacation Properties by Owner. You can rent a wonderful cabin in these woods for as little as $80 a night (for a two-bedroom 1 bath cabin with fireplace and satellite TV) from companies such as Bearly Rustic. I love the fact that this bear-friendly property management firm specifies that some of its rentals are "no smoking."

Value House Shopping in Hamptons, Sanibel, Cape Cod and Other Locations

When is a million-dollar vacation home considered a bargain? When it was first listed at $2-million, of course.

To analyze the plummeting price of fancy second, third or fourth-home real estate, Business Week's Prashant Gopal and Zillow.com got together and gathered intel sampling some prime property areas and how well they were holding up.

Among those faring the best in the sampling included Laguna Beach, CA, Newport, R.I., Chesapeake Beach, MD, Lake George, NY, Destin, FL, and Oahu Hawaii

On the other hand, in the Hamptons, New York's platinum coast, BW quotes two brokerages as saying "home prices have dropped 23.5% to $675,000 in the first quarter, compared with a year earlier." And what can you get for that price? The 2006-completed house shown here, with 3 BR and 3 1/2 baths, on half an acre in East Hampton.

Here are a few other places to hunt -

Arizona
Hard-hit vacation market: Scottsdale
Annual home value change: -27%
Q4 home price: $437,423

Connecticut
Hard-hit vacation market: Mystic
Annual home value change: -17.2%
Q4 home price: $256,000

California
Hard-hit vacation market: Napa
Annual home value change: -21%
Q4 home price: $405,000

Florida
Hard-hit vacation market: Marco Island
Annual home value change: -27%
Q4 home price: $437,423

Florida
Hard-hit vacation market: Sanibel
Annual home value change: -18.1%
Q4 home price: $516,892

Florida
Hard-hit vacation market: Bonita Springs
Annual home value change: -19.8%
Q4 home price: $251,757

Massachusetts
Hard-hit vacation market: Cotuit (on Cape Cod):
Annual home value change: -14.2%
Q4 home price: $375,740

New Jersey
Hard-hit vacation market: Point Pleasant Beach
Annual home value change: -15.6%
Q4 home price: $513,659

Oregon
Hard-hit vacation market: Sunriver
Annual home value change: -15.7%
Q4 home price: $256,000