Vacation-Home Choices
Within Three Hours of Chicago

When homeowners make a second-home purchase, a majority (54%) buy within 300 miles of their primary residence, according to the 2005 Coldwell Banker Luxury Home Index. Below is a look at three homes in lakeside vacation towns less than three hours by car from Chicago.

• New Buffalo, Mich.
• Lake Geneva, Wis.
• West Olive, Mich.

PLACE/PRICE: New Buffalo, Mich./$549,000

PROPERTY TAX*: $1,632

THE PROPERTY: One block from a Lake Michigan beach, this 2,417-square-foot home has three bedrooms and 1.5 baths on 3.3 acres.

DESCRIPTION: Currently used as a primary residence, the house has a vaulted great room with skylights, a recreation room with wet bar, and a finished full basement. The current owner added a three-season porch with an indoor grill topped with a restaurant-quality hood.

NOTABLE: Included with the sale are private association rights to a Lake Michigan beach. New Buffalo is 49 miles (about a 60-minute drive) from Chicago. The town is a popular summer community, says Karla Madison, general manager of Nadra K Real Estate of New Buffalo, which has the listing. Approximately 85% of residential sales in the community are to residents from the Chicago and the South Bend, Ind., areas, she says. "No bubbles have burst here yet," she reports. While New Buffalo homes near the beach can reach $800,000, those directly on the lake go for $1 million or more, she says.

Note: *Current owner's payment

Sources: Nadra K Real Estate, RE/MAX Geneva Realty, Harbor Shores Realty

-- Ms. Kim is a senior editor at RealEstateJournal.com.

Email your comments to lauren.kim@dowjones.com.