Best places for second homes

This weekend's Barron's has an article about the 20 best places for second homes.

At the top of the list is the Hamptons. Third is Martha's Vineyard.

3. MARTHA'S VINEYARD, MASSACHUSETTS

Seven miles out at sea, the rich and powerful pick up lobsters from Larsen's in Menemsha. It's also a place to potentially bump into President Obama, whose favorite summer rental, Blue Heron Farm, sold in September for $23.7 million. The celebrity scrum is frequently avoided by escaping to Philbin Beach, dotted with nude sunbathers, or the barrier South Beach, a fine-sand sliver between the sea and salt ponds. The town of Chilmark is considering special planning reviews for McMansions that could presage island-wide change. In Edgartown, site of older and larger homes and the focus of our sales data, the late Walter Cronkite's $11.3 million house was 2011's high-water deal, but the previous year's included $18 million-plus sales, which explains the median price drop. Nearby Nantucket is also well worth a look. Prices on this history-drenched little island fell about 2% last year.

Median Price 2010: $1.3 million
Median Price 2011: $725,000