Hammers are coming down on the high end again, as the ritziest in real estate finally come out of hiding. Vacation homes in some of the most coveted locales are seeing price gains again, so potential buyers are now looking to builders.

The question is, where are you getting the most bang for your big bucks?

Not in Hawaii, according to a new study from real estate advisory firm Chris Pollack, Ltd, which looked at project costs per square foot in some of the swankiest summer and overall vacation destinations. The total project costs include not just construction, but building materials, architectural fees, and permitting.

Hawaii topped the list at $1300 per square foot for an ultra, high-end beach house. Malibu, California was a close second at $1,170 and Palm Beach, Florida rounded out the top three at $1,105 per square foot for the total project.

“The island locations are more expensive because of costs associated with importing materials and labor,” notes Chris Pollack. That put Nantucket, MA on the top ten most expensive list, but still lower at just $975 per square foot, according to the survey.

Labor costs are rising, up 13.8 percent from 2007 in these high-end markets, says Pollack, and that has many investors using “value engineering” to offset the costs.

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