This collection of studio, one-, and two-bedroom cottages, located on a beautiful white-sand beach, has been totally renovated to the tune of $1 million. Snuggled on a large lot with its own 200-foot stretch of white-sand beach between two legendary surf spots (Waimea Bay and Banzai Pipeline), the units are still affordable (if you can live without being right on the ocean, the garden units are very affordable). Most units are compact: very small bedrooms with small kitchen (all the necessary essentials) and living room. But, hey, with the ocean just outside, how much time are you going to spend inside? The winter waves are too rough for most swimmers, but there's a large lava reef nearby with tide pools to explore and, on the other side, Shark's Cove, a relatively protected snorkeling area. Nearby are tennis courts and a jogging path. All units have full kitchens and their own barbecue areas. Tip: Stay on the beach side, where the views are well worth the extra bucks.