John Morell
If you've got a little money to invest in real estate, you're in a nice buyer's market. You want to buy an investment and/or vacation property that's in great condition, in an excellent location and is in the perfect place to explode in value when the economy and the real estate market heal.
Talk to 20 real estate experts about where they would invest and you'll end up with 20 different communities. Even if they can agree on a city, they may not agree on which neighborhood is the best value. Here's a list of five areas that may not be on everyone's radar yet, so act fast: Scottsdale, Ariz. Built up in the early 20th century from an old citrus orchard, Scottsdale was the winter home of Frank Lloyd Wright and is the hometown of so many professional athletes, it's hard not to bump into one at Starbucks (SBUX Quote - Cramer on SBUX - Stock Picks). Summers are brutal, with long months of triple-digit heat, but the winters and springs are divine, dry and mild. Scottsdale has long been a place where the upscale retire gracefully and, of course, with more baby boomers than ever hitting their 60s, property here is likely to stay on a nice, upward course. Recent sales: Two bedroom, two bath, 1,059 square-foot condo, $186,000; five bedroom, four bath 3,139 square-foot single-family house next to country club, $900,000. Miami Yes, we know, just about everyone who bought in Florida the past five years has been burned by declining property values.
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