Hilton Head Island, S.C.The market: "Short sales and foreclosures have purged the market, and people are taking advantage," says Ken Oliver of the Dunes Marketing Group in Hilton Head. "Prices are off 30 to 35 percent from 2005 levels. The hardest hit are privately owned properties, which have large initiation and transfer fees. So there are great deals in these communities."
Location: Berkeley Hall in Bluffton, with two private, 18-hole Tom Fazio designs.
Value: This 3,657-square-foot, four-bedroom, four-bath golf cottage is offered on short sale. The 2001 purchase price was $718,600. It comes fully furnished and is a short walk to the clubhouse and fitness center.