RE/MAX Select One agent Shannon Ferguson, whose primary market is the coastal areas of Orange County, California, couldn't put it any more plainly: "There has never been a better time to buy in this market - incredible home values and if you finance, you'll probably never see interest rates like this again."

Then she backs up her words with a vivid example. Her portfolio includes a breathtaking home overlooking Newport Bay. Four years ago, she listed it briefly at $12 million and saw considerable activity. This time around, the seller put it on the market for $9.5 million. Current price: $7.65 million. And that includes furniture and artwork.

The Tuscan-style "ultimate entertainer's home" on Balboa Island in Newport Beach is situated on an oversized corner lot, has a deepwater dock that can accommodate two boats, has three bedroom suites and a 4-car garage. "To me, the most exciting aspect of the home is its 2,200-square-foot rooftop deck, which has a kitchen and bar," Shannon says. "You get a 360-degree view. There's an elevator that goes to all three levels, right up to the rooftop."

The home sits amid one of the most desirable addresses in the world. Orange County boomed in the 1950s as it became a desirable bedroom community of Los Angeles. Over the years, Shannon says, the coastal areas have increasingly become havens for second homes. "You work really hard in L.A. County and come down here for the weekend," she says, adding, "but a lot of people do live here full-time as well."

Shannon cites coastal Orange County's temperate climate, its bountiful shopping, phenomenal array of restaurants and all manner of water sports - not to mention abundant golf and tennis - as particularly attractive lifestyle elements.

And she's bullish about the long-term investment prospects of owning waterfront property in Orange County. "Once the market stabilizes, there's only so much waterfront property," she says. "They aren't making it anymore."

For more information on the property listed above, visit www.shannonferguson.com.