POPULATION: 13,000
HOMEOWENERS: U.S. Citizens, 1,800
MEDIAN HOME PRICE: $500,000
AIRPORT: Nassau
WHY BUY? Financial incentives; low-risk investment; high growth and resale potential

WITH TROPICAL BEACHES, protected waters, and brightly painted seaside villages that feel more like Nantucket than Nassau, the Abaco Islands have long been the secret spot of sailors, fly-fishermen, and divers. Today this means low-density land and housing inventory at prices lower than in Nassau or even Florida. Broker James Moir says that in the Abacos, you can easily find a three-bedroom beach house for a million dollars; closer to Layford Cay, you would have to pay more than $2.5 million. Nonetheless, prices are rising: The range for beachfront homes last year was $300,000 to $2 million; in the first six months of this year, it inched up to $500,000 to $3 million. But residents, brokers, and tour operators aren’t hoping for another Nassau. There is strong local commitment to sustainable growth through ecotourism, beach and historic-building preservation, and low-impact development.

WHERE TO LOOK Great Guana Cay is set to become the Abacos’ next hot spot: Houses on the dunes go for up to $1.5 million, vacant lots for $395,000. On the main island, Winding Bay and Schooner Bay have phenomenal beaches and views; properties there have potential for great return on investment.

FINE PRINT Although the Bahamas levies an annual tax on foreign-owned property, there is no sales, inheritance, or capital gains tax. An investment of at least $500,000 in property expedites the process of establishing permanent residency and a resultant change in tax status.

BROKERS At Abaco Estate Services, Ed and Cindy Newell (242-365-8752; abacoestateservices.com); at Moir & Co., James Moir (242-362-4895).

POPULATION: 82,103
SECOND HOMES: 5%
MEDIAN HOME PRICE: $260,339
AIRPORT: Palm Beach
WHY BUY? Affordable; high growth and resale potential

BOOMERS AND SNOWBIRDS ARE flocking to the bohemian seaside community of West Palm Beach, which was initially colonized by the staff of the mansions in Palm Beach, across Lake Worth. In the last ten years, thanks to heavy investment by the local government in the downtown, it has become the toast of South Florida, with a new cultural scene that includes art institutes (the Norton Museum of Art just reopened after a renovation and the addition of a wing), bars, restaurants around Clematis Street, and antiques shops along Dixie Highway.

According to broker Eric Sain, real estate prices have increased 23 percent since last year, although they are generally still about 50 percent less than their Palm Beach equivalent. “Get in sooner rather than later – the prices should continue to be aggressive for the next five years,” predicts Burt Minkoff, a broker with McCann, Coyner, Clarke Real Estate. “With the new popularity, prices have increased but not to the point of being off-putting,” says John Loring, the design director of Tiffany & Co., who in the last two years has bought five houses that he plans to renovate and perhaps to resell eventually. “There are still hundreds of places where the price is a surprise. You can find extraordinarily attractive properties for between two hundred fifty thousand dollars and four hundred thousand dollars.”

WHERE TO LOOK The best deals are in Pineapple Park, west of Flamingo Park, with Key West-style cottages in the low $200,000s; Vedado Park, near the airport, with prices also in the low $200,000s; and Northwood Hills, an up-an-coming neighborhood with Spanish-style houses starting at about $250,000.

BROKERS At Coldwell Banker, Eric Sain (561-758-3959; ericsain.com; coldwellbanker.com); at McCann, Coyner, Clarke Real Estate, Burt Minkoff (561-512-8978; mccpalmbeach.com).

POPULATION: La Paz, 170,000
U.S. CITIZENS: 3,500
MEDIAN HOME PRICE: $110,000
AIRPORT: Los Cabos
WHY BUY? Affordable; emerging market; only marginally developed

SINCE THE LOS CABOS AIRPORT expanded in 1986, the beachfront corridor between San Jose del Cabo and Cabo San Lucas has developed at an explosive pace. Private homes are rarely on the market, and resort residences are selling briskly. At Las Ventanas al Paraiso, for instance, penthouses priced at between $2 million and $4 million sold before the units were even completed.

The land squeeze and prices are sending some buyers north, where the atmosphere is more Mexican and laid-back. Around artsy Todos Santos, on the Pacific, and La Paz, on the Sea of Cortex, the infrastructure might be rudimentary buy there are roadside taco stands instead of McDonald’s and beaches where you’re more likely to see a surfer or a whale than a cruise ship. Real estate is certainly cheaper: A three-bedroom house in La Paz with sweeping bay views costs about $280,000, or 40 percent less than a similar place in Cabo.

WHERE TO LOOK In Todos Santos, La Cachora has good infrastructure and is close to the beach; up and coming are hillside lots with great ocean views in La Poza. Around La Paz, Maravia is a 1,200-acre planned development between Playa El Tecolote and Playa El Coyote with golf courses; also up and coming are El Comitan and Lomas de Centenario.

FINE PRINT Properties within 30 miles of the coast or 60 miles of the border cannot be owned by a foreigner. The title is held in trust by a local bank, and the buyer is the beneficiary of the trust, with all rights to rent, sell, or bequeath the land. The trust, called a fideicomiso, lasts 50 years, after which it can be renewed. The bank charges the beneficiary $300 to $400 annually to maintain the trust. Pay for property in full if possible; getting a mortgage from a Mexican bank is difficult and expensive. Keep in mind that there are few zoning restrictions.

BROKERS Sidne Byars Herrero (52-612-125-9599; lapaz-realestate.com); at Groupo AmeriMex, Richard Rutowski (52-612-14-5-0050; amerimextodossantos.com).

POPULATION: 9,965
HOMEOWNERS: 20% U.S. Citizens
MEDIAN HOME PRICE: $828,000
AIRPORT: Vancouver
WHY BUY? Low risk; high growth and resale potential

RATED THE NUMBER ONE SKI resort in North America by Skiing magazine for the last six years, Canada’s Whistler is hot. Known for its downhill and heli-skiing facilities, 7,000 acres of runs, and a vertical drop of 5,000 feet, it has five European-style villages, with over 100 restaurants and bars. The Four Seasons opened a new 273-room hotel and spa there just this summer. With five lakes perfect for canoeing and windsurfing, four brand-name golf courses, and mountain biking trails on Whistler and Blackcomb mountains, the area is a year-round destination. And “the whole place is going to be renovated for the 2010 Olympics, with a state-of-the-art skating rink and new ski jumps,” according to one investor. “A six-hundred-million-dollar renovation of the sea-to-ski highway will reduce the commute from Vancouver considerably. There’s no question that Whistler’s value will be enhanced.”

Ray Longmuir, chairman of the Association of Whistler Realtors, says the demand for real estate started to surge in 2002. “The dollar was strong for American buyers -- one million dollars Canadian was six hundred eighty thousand U.S. dollars -- and inventory was limited.” Fifty thousand properties have been built so far; zoning laws cap the number of new units at 52,000. Since 1986, condo prices have increased 10 percent a year, houses 15 percent, and vacant lots 25 percent. With $1 million U.S., you can now buy either a 1,738-square-foot ski-in/ski-out three-bedroom condo about 40 steps from the gondola (fully furnished, with three bathrooms, heated slate floors, and granite countertops) or a 2,822-square-foot three-bedroom house on an 11,636-square-foot landscaped lot that’s set on a cul-de-sac with a view of the mountain.

WHERE TO LOOK Whistler Creek, one of the area’s original developments, is a magnet again after a recent refurbishment. Blueberry Hill has great views.

FINE PRINT Investors in Whistler real estate should file a will in British Colombia to protect against estate taxes. Obtaining mortgages in Canada is easy for foreigners.

BROKER At Windermere, Ray Longmuir (604-905-6313; www.raylongmuir.com).

POPULATION: 3,000,463
U.S. CITIZENS: 19,700
MEDIAN HOME PRICE: $290,000, in Boquete
AIRPORT: Panama City
WHY BUY? Financial incentives; affordable; emerging market

PANAMA IS THE NEW CENTRAL American bargain, where the U.S. dollar -- the market currency -- goes a long way. The country ranks second only to Switzerland as a tax haven, the cost of living is low, English is widely spoken, and Panama City’s infrastructure is technologically advanced. David Tkachuk, a former gas company executive, spent a year and a half researching a retirement spot with his wife before settling on a 2.4-acre lot at a beach resort near Coronado. “We wanted tropical place with an ocean view in a politically and economically stable country,” he said. “Panama just kept coming up.”

One American, who incorporated an Internet business here last year, purchased a 2,000-square-foot aerie on the twentieth floor of a 21-story building in Panama City’s San Francisco district, one of the most sought after neighborhoods in town, for $148,000. The wraparound terraces have views of the ocean, the city skyline, and the ships passing through the canal, and, he says, “I can’t get over my standard of living.”

WHERE TO LOOK The second-home business is booming in the surprisingly cosmopolitan capital of Panama City, as well as on the islands of Bocas del Toro. In the temperate highlands of Chiriqui Province, Boquete, a small mountain enclave near the national parks of Volcan Baru and La Amistad, was voted by AARP members the world’s fourth-best place to retire.

FINE PRINT Foreign second-home owners who plan to stay longer than the three months allowed on a tourist visa often choose to become Panamanian residents. Although a residency permit, or cedula, is not required to buy property and the paperwork needed to get it is extensive, residents do not pay tax on income earned abroad. To be eligible for residency, foreigners must have an income of $500 to $600 a month and must incorporate a business locally or invest in an existing local business.

It is important to determine whether the land you buy is titled -- ownership of untitled land can be subject to dispute even after the sale.

BROKERS At Century 21, Eduardo Aleman and Frank Morrice (507-270-6050; www.semusarealty.com).

POPULATION: 117,644
SECOND HOMES: 17%
MEDIAN HOME PRICE: $500,000
AIRPORT: Kahului
WHY BUY? Low-risk investment, high growth and resale potential

IN THIS MAGAZINE’S ANNUAL Reader’s Choice Awards, Maui has been voted the top Asia-Pacific island ten years in a row. Laid-back and friendly, it’s less crowded than Oahu and has more days of sunshine than Kauai and none of the volcanic ash of the Big Island.

The combination of an American address, a tropical atmosphere, and a greater frequency of nonstop flights has caused increasing numbers of second-home shoppers, particularly boomers, to buy in. Last year, sales were up as much as 75 percent over 2000. “After 9/11, being in the States became a lot of people’s number one concern when they were buying a second home,” explains broker Scott Dean.

While bargains are fewer and farther between, the chances for investment growth are good. The 38 percent of the island open to development (the rest is public land) caps the number of properties that can be built, and houses and condos are appreciating dramatically. A house at the Maluhia at Wailea, for example, just sold for $6.8 million; 18 months earlier, a property of the same size in the same compound went for $5.3 million. “Choice oceanfront here still costs half as much as comparable property in California,” says Dean, “and there are condos in the five hundred thousand dollar to nine hundred thousand dollar range that have access to the beach.”

WHERE TO LOOK The golf community of Kapalua has lots of three acres and up available now; manicured Makena and Wailea, with the best beaches on the island, have new houses coming on the market in 2005.

BROKERS At Coldwell Banker, Bob and Donna Hansen (808-879-3667; mauirealestate.net) and Scott Dean (808-298-1409; coastalmaui.com). For more information on Maluhia properties, visit www.maluhiaatwailea.com.