Real Estate: Second-Home Sale.(The Good Life)

Byline: Ginanne Brownell

During the boom economy it was hard enough to climb onto the real estate ladder to buy a first home, let alone a vacation property with an ocean view or ski-slope access. But the economic crisis has brought a bit of sunshine for investors who in the recent past have been priced out of top markets like Verbier, the Riviera, Tuscany and the Caribbean. "There are more properties coming onto the market than we have seen for a very long time," says Alexander Kraft, CEO of Sotheby's International Realty in France. "And there are great deals to be had."

That's fantastic news for people like me. Last spring, standing on a cliff overlooking some of the more extraordinary villas near Es Cubells beach in Ibiza, I promised myself that one day I was going to own a vacation home. Maybe it would be on one of the enchanting Balearic Islands, or possibly in south Florida--Miami or Naples--where hot weather is guaranteed most of the year (though the charming hills of the Scottish Highlands and the desolate islands off Croatia have also stirred my heart). At the time, I did not think I could begin to look at options until several years down the line. But now, with the market for second homes softening fast, even freelance journalists like me can start realistically toying with the idea. I've got my eye on the stunning Zen Vida property in Majorca, which boasts five bedrooms with en suite bathrooms, three al fresco dining areas and a designer kitchen, as well as spectacular views of the Bay of Palma. Then again, it's tough to pass up Theole-sur-Mer, the estate built in 1925 on a private peninsula near Cannes by the architect Barry Dierks, which offers an infinity pool and direct diving into the Mediterranean. (Both are offered through www.savills.co.uk/abroad; prices are available upon application.)

Marc Cohen, director of Ledbury Research, the London-based luxury consultancy, says that those who would normally not be able to afford a second home may gain the most from the global economic downturn. "The second-home market has suffered considerably," he says. "If there is an active buyer, the type will have changed from the typical 65-year-old retiree who has sold his business or retired from a high-salaried job to one who is much younger who has seen this become more of an opportunity."

The new year seems to be the perfect moment to start looking, says Lucy Russell, managing director of ...