I began working at International Living nearly a decade ago—20 years after we first started identifying gorgeous real estate in not-yet-fashionable places…

Places where, in the worst case, you would always have a property you could enjoy. But where, in the best case—which often came to pass—your property would not only remain attractive…but also become much more valuable as the local economy improved and foreign buyers flocked.

We were first in Costa Rica in 1983…in Nicaragua in 1997…in Argentina in 2000…and in dozens of other destinations well before the mainstream media took notice of them.

We’d recommend a place to our readers…and they’d buy. Just as U.S. papers and TV news dished up heated reports about long-gone dictators…or financial crises that were already beginning to pass…or riots our friends on the ground would say they slept right through.

For almost three decades, ours has been a lonely beat. Our correspondents in the field buy plane tickets to places no one wants to fly…our scouts bribe captains to sail around the next bend in the river. Sometimes we find rich rewards. Always, adventure.

Thirty years ago, friends and family would scoff, “Who wants to spend time in places like Latin America?” But these days, the answer is: A lot of people. And they’ll spend not just time, but money, too. The markets we covered from our lonely outposts have become de rigeur.

One to watch: Cuba
The last correspondent we sent to Cuba reported, “A city of charisma despite its hustlers, Havana is a sensual and fascinating experience, and though dilapidated and chaotic, it’s clean, safe, and vibrant. Every moment is a surprise, with the ingenuity of the people unceasingly impressive. As tourists are the only ready source of hard currency, jobs in the tourism industry are precious, and visitors are likely to be served drinks by trained lawyers and doctors. Even many of the jineteras (women who ‘go’ with tourists) are university educated. The combination of the U.S. blockade and a basket-case economy means that what are simple tasks at home can be complex and exhausting in Havana.”

As we write, U.S. restrictions toward Cuba are under review, and recent comments from the Castro brothers about the U.S. have been more positive than at any other time during the 47-year economic embargo. A free-market Cuba could be hugely profitable for IL readers. A scouting party is being assembled as we go to press.

But if you get there first, remember this: “Hemingway’s favored hangout, La Bodeguita del Medio, in Habana Vieja, is popular with tourists, but it’s overpriced and unfriendly. The mojitos at the cheaper alternatives are just as good, and the experience more genuine.”

In 1995, our readers jumped at beachfront lots on Roatan for $13,000 an acre. Today, lots half that size on the largest of the Bay Islands off Honduras list for more than $300,000.

Costa Rica did such a good job of marketing itself that today it’s an eco-haven everyone can name. Condé Nast Traveler glowingly recommends Granada in Nicaragua. Travel + Leisure recently voted Buenos Aires as one of the world’s top cities.

We got our readers to those places first. But we’re not sitting on our laurels. There’s always some “next” destination. Some place the daily papers and glossy travel magazines haven’t noticed yet.

So while they’re all gearing up for the annual round of articles on Cancun (it’s always something like “Hidden Cancun”), we’ve got our sights elsewhere….

Now, admittedly, there was a time when Cancun truly was hidden. In the 1970s, Mexico set up an agency called Fonatur with a simple enough mission: Pick the best beaches in Mexico and attract to them as many beach-loving North American tourists as possible.

For the next 30 years, Fonatur focused on five major areas with varying degrees of success. Its biggest accomplishment by far has been in Cancun. In the 1960s, no one in the U.S. had heard of the place. In fact, not many people in Mexico had heard of it, either, apart from the few fishermen who lived there.

Today…well, I don’t have to lay out for you that story.

But here’s one that will interest you. Right now, Fonatur is investing $1.5 billion in another stretch of Mexican coast known as The Riviera Nayarit. It’s the 100-mile stretch of coast between Nuevo Vallarta and San Blas. And this is a real estate opportunity you could profit from.

In fact, it’s one of our top picks for 2009. Our global real estate guru Ronan McMahon is already on the case. He’ll share his full analysis in a future issue of this magazine.

In the meantime, he’s arranged a discounted “discovery weekend” for IL subscribers to check out this part of Mexico firsthand—just $185 for the three-day trip, all-inclusive. (You’ll find all the details here: www.internationalliving.com/hiddenmexico.)

Elsewhere on our radar right now: Ecuador’s coast. Our roving Latin America scout Lee Harrison lived in Ecuador for five years and is the most qualified person we know to judge what’s on offer along the most desirable stretch of this coast, from Atacames to Salinas. Lee tells me that a place on the beach goes for $33,000. For $20,000, you can buy a beachfront lot. Read his full report on page 7 of this magazine.