There is a new buying pool for the California Dream...especially in coastal resort towns such as Santa Barbara and Montecito.  As the market has slowed over the last 18 months and the US Dollar has weakened dramatically, California has become second to only Florida in terms of international purchases.  Many foreigners are looking for second homes and places to invest their money in less certain economic times.  The property type that seems most desired is: 

1) High-end estates

2) Larger homes and

3) Condominiums in upscale areas

Santa Barbara and Montecito CA fit this bill for most of these buyers.  Many of these buyers are also looking for homes that are turn-key, with very little to no effort needed in fixing up or when they are not occupied.