Not too long ago, “jet setter” was a moniker used to paint the ultra wealthy as a frenetic bunch constantly on the prowl for the next “in” place. The phrase may be passé, but the prospect of searching the world for glamorous new and exotic places to play still captures our fancy. This year, the “next big thing” takes on a whole new meaning; an emerging market is as likely to be a tried and true location climbing out of the recession, as it is a lesser-known destination. Going into 2010, the hottest new places are apt to be traditional luxury enclaves as affluent consumers, still shaken by the global economic crises, place a high premium on value. Value derived from price, location and potential for appreciation. Value arising from perfect alignment with personal goals and lifestyle desires. Value gained from ease of access and the promise of frequent use.

What’s Old is New Again

Even in a robust market, May typically brings the doldrums to Florida real estate but there is nothing typical about this year. “We’ve seen a decline in prices, but the flip side has brought more buyers into the market. We had a great first quarter and the second quarter has been even better,” observes Carmen D’Angelo, co-owner of Premier Estate Properties in Boca Raton, Fla. “People see opportunity and the opportunity is in the prices,” he explains.

Walk-ins, vacationers coming in off the street to ask about buying, were traditionally part of the Florida market but they virtually disappeared during the downturn. For the first time in a long time, D’Angelo says his offices are seeing walk-ins, some even inquiring about homes priced at $10 million.

Still, price is only part of the value equation. Each of the towns in D’Angelo’s market has its unique persona. Delray Beach’s main street has a village feeling akin to the Hamptons, which is unusual in South Florida. Gated communities in Boca Raton offer a degree of privacy and security important to wealthy homeowners. Fort Lauderdale is polishing a new image as a high-end resort with a Ritz-Carlton, a new W hotel and a new Trump property.

Brokers in the Naples area saw a “nice surge in activity” in the spring that continues at press time. Phil Wood, president of John R. Wood Realtors, attributes this to buyers finding some reassurance in the slow upward creep of the stock market. “Naples is starting to lead the way out of the recession and we expect to see more sales in the upper end,” he says. Looking ahead, Wood anticipates “a pretty strong summer in comparison to our normal summers.”

Beginning in April, Boston Realtors also saw an upswing. Cape Ann, just a few miles north of Boston, has some of the region’s best waterfront estates, but this area has always lagged behind other suburbs in recovering from downturns. Although she acknowledges that upper-end sales haven’t picked up dramatically, Holly Chiancola, owner of Holly C & Co. in Gloucester, Mass., says there is “absolutely more activity” compared to a year ago. Buyers, particularly second-home purchasers who have been waiting for prices to bottom out, are beginning “to feel that it is somewhat stabilized and that now is the time to buy,” she explains.

“Certainly this cycle is different,” but the pickup in activity has been “tremendous” and it seems to be gaining momentum weekly, if not daily, shares Alan Vorenberg, a broker with Sotheby’s International Realty in Santa Fe, N.M. “All the signs are there that Santa Fe is poised for a recovery,” he adds.

The United States

Unlike primary homes, resort and retirement homes are about pursuing a passion or fulfilling a lifelong dream, whether it is tending your own vineyard, carving perfect turns 60 days a year or just having a place the entire family can’t resist. Santa Fe, which boasts the country’s second largest art market after New York, has all the requisite features of a rising luxury star, including strong roots as a regional second-home destination and a lifestyle that appeals to a huge range of buyers from mountain bikers to opera fanatics.

The secret of Santa Fe’s appeal is its mix of a big-city lifestyle with a small-town atmosphere, says Anne Brunson, a Realtor with Prudential Santa Fe. “It’s a little town of 70,000 that offers amenities cities of millions often can’t provide,” says Vorenberg. Real estate is still a great value here. What costs $2 or $3 million in Santa Fe easily could fetch $10 million and up in many other resort areas.

Traditionally, Santa Fe attracts buyers from Texas, Oklahoma and New York. With rates heating up, Brunson says, the number of phone inquiries has increased and they are coming from a more diverse geographic base. “People are beginning to think that they have to buy now,” she remarks.

Coeur d’Alene might still fly a bit under the radar, but this lakefront community of 40,000 in the northern panhandle of Idaho has been prime second-home territory for lumber, mining and railroad executives since the end of the 19th century. Today, newcomers are just as likely to hail from any of the western states as they are from nearby Washington (Spokane is only 30 minutes away) and Oregon. “We get compared to Tahoe a lot, but we don’t have the congestion around the lake,” shares Anne Anderson, co-owner of Lakeshore Realty. Another plus is two prime ski resorts nearby. One of the most expensive homes, a $27.5 million estate on 15 acres that includes a helipad, par-3 golf hole and indoor and outdoor tennis, would easily be double this price or more in other locations, according to Bob Hurwitz, owner of Hurwitz James Company, who is listing the property.

The rocky desert of the Four Corners region of Utah, Arizona, Colorado and New Mexico is an unlikely incubator for luxury, but several high-end communities are being constructed here. And, if the number of $100,000 houseboats on Lake Powell is any indication, these developers are right on the money. “If there is that much money tied up in houseboats, then there is a good chance there is pent-up demand for high-end housing,” observes Gracie Burton, owner of Burton Brokerage and former eco-developer for the city of Page, Ariz. Indigo Ridge at Lake Powell is a master-planned community angling for a LEED certification, located directly on the lake. In addition to stunning views and magnificent limestone and sandstone formations, the region has one of the top golf courses in Arizona; and Lake Powell draws boaters from all over the Southwest.

Known for discrete hidden hideaways in magnificent places, Singapore-based Amanresorts has selected the Four Corners region as the site for its third North American resort, Amangiri, which is slated to open this fall. Sited on 600 secluded acres in a private canyon about 15 minutes from Lake Powell, Amangiri is ideal for those seeking the utmost privacy. The legions of impassioned Aman enthusiasts are sure to give it a nod too. Adjacent to the Amangiri, there will be 31 villas on 1.3- to 10-acre sites, each in its own private canyon, priced at $8 million and up.

Outside the U.S.

The term “jet set” does underscore the global nature of luxury real estate. Here too there is a return to the tried and true with traditional luxury locations such as Portofino, Tuscany and the Cote d’Azure remaining prime holiday-home territory. Still, the international scene is increasingly diverse with fledgling upscale resort markets forming all over the globe. Canada has fared better in the downturn than the U.S., according to Elton Ash, regional executive vice president with RE/MAX Western Canada. One of the strongest but lesser-known luxury locations is the Okanagan Valley in British Columbia, about four hours inland from Vancouver. Mild winters, a 72-mile-long lake that doesn’t freeze over and two ski resorts within a hour’s drive have fostered a huge second-home and retirement market for Canadians, Europeans and Americans. Showing resurgence is Whistler, which Ash says has been soft for the last couple of years. As the 2010 Olympics draw closer, he anticipates even strong interest.

Luxury is also heating up in South America. Recently, Brazil ousted Australia for the 10th place on the list of countries with the largest population of high-net-worth individuals, according to the World Wealth Report compiled by Merrill Lynch Global Wealth Management and Capgemini Group. Increasingly, the country is garnering interest from developers, national real estate franchises and the media. In Argentina, Patagonia traditionally has been a resort destination, while Buenos Aries is fast becoming the place to visit in South America. Punta del Este in Uruguay is often compared to St. Tropez.

“South Africa has become popular for international investors due to its beautiful scenery, cost of living and reasonable property values,” says Lisa Kurrass, world president of FIABCI. Bob Hurwitz is currently listing a $5.5 million estate in Camps Bay, South Africa. “On a global scale, properties in South Africa offer an excellent opportunity to get an amazing property for a fraction of what it would cost in other locations,” he explains. With some of the most beautiful coastline in the world, South Africa should become an increasingly international destination, especially as more sellers recognize that not all buyers come from within the country and demand global marketing.