12 most unusual home trends

Sky-high homes

Forget balconies and terraces. High-rise residents in luxury buildings across the United States apparently want lofty views from nosebleed heights. In New York, a series of tall residential towers has been rolling out, each one looking to outdo its predecessor, including Harry Macklowe and CIM's 1,395-foot-tall Park Avenue project, Extell Development's up-and-coming 1,005-foot One57 tower and Extell's recently announced plans for a 1,550-foot tower on 57th Street. In Dallas, the new Museum Tower, the city's second-tallest residential building, is opening. In the Miami area, two new projects — the Porsche Tower and the Mansions at Acqualina — will rise more than 50 stories. In Chicago, a soaring penthouse at the top of the 92-story Trump International Hotel and Tower is listed for $32 million; it's America's highest completed home for sale.

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Creative financing

Despite record-low mortgage rates, real-estate lending remains tight for many homeowners as well as homebuilders and small-scale developers. Nontraditional lenders have seized the opportunity to finance real-estate investments from mortgages to development projects, in many cases charging hefty interest rates in return for the cash. Wall Street-based hedge funds and sovereign wealth funds have been among the most active for larger projects, while small firms such as Procida Advisors underwrite mortgage loans for single-family-home investors. Loans acquired from the savings of family members have become increasingly popular, too.

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Boutique-style closets

Closets have become more important to homeowners. In 2012, the master bedroom walk-in closet was one of the top projects on U.S. designers' lists, according to the American Institute of Architects. Architects and high-end homebuilders say closets will continue to be important to owners this year, particularly space that is designed to look and feel like a boutique store. Illuminated rods, compartmentalized storage, shoe walls, camouflaged jewelry safes and climate-controlled fur cabinets are popular. Some owners even install wine fridges, breakfast nooks, cigar humidors, stripper poles and putting greens. Designers focused specifically on closet space, such as LA Closet Design and California Closets, are capitalizing on the growing demand.

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Luxury auctions

Distressed-housing auctions have become a common concept since the foreclosure crisis manifested six years ago, but another type of auction has blossomed in the past several years as well: the nondistressed luxury-home auction. Companies such as Concierge Auctions take on high-end properties, typically ones that have languished on the market for a long time, market them and then host an outcry auction for vetted, qualified buyers. Whoever bids the highest amount — above the reserve, if it's not an absolute auction — gets the home. The new buyer must close on the property within 30 days of the winning bid. The seller offloads the property, and the buyer typically gets a bargain. For example, the Happy Valley estate in Scottsdale, Ariz., (pictured here) fetched $5.5 million in a 2012 auction after failing to find a buyer willing to pay $13.9 million.

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The silent landlord

Unlike during the house-flipping frenzy of the real-estate bubble, many real-estate investors — who comprise roughly a third of the buyer pool — acquire homes, fix them up and rent them out for a monthly profit. Companies such as national franchise HomeVestors and Chicago-based Mack Cos. have popped up to offer passive investors a crack at the market, too. Typically, these companies buy distressed single-family homes, fix them up and secure vetted renters. They then sell the rented-out property to individual investors and, in many cases, stay on to manage the property for a small cut of the monthly rental income. Mack guarantees a positive cash flow for two years and, piggybacking on the alternative-lending trend, will finance 60% of the purchase price with a five-year balloon mortgage.

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Smart homes

The cutting-edge innovations of the tech boom are finally finding their way into the home. Sure, home automation has been around for years, but the newest systems use Apple products such as iPhones and iPads to automate living spaces more effectively — and for less money. Homebuilders say smart-home technology is one of the most commonly requested amenities. The global industry is projected to surge to $35.6 million by 2016 from $16.9 million in 2011, according to the research firm MarketsandMarkets. Even telecom giant AT&T is testing a home automation and security business called Digital Life, with hopes of rolling it out nationally later this year.

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Pet amenities

Developers have been stocking their high-end apartment buildings with loads of outrageous features. The latest: dog amenities that take "pet-friendly" to a new level. In New York, for example, the massive MiMA development's Dog City will walk, groom and arrange play dates for residents' dogs, the Caledonia has a separate canine entrance where dogs can be cleaned up after a session outside, and the Pierre offers a pet-food-centered room service menu.

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Hotel living

Developers are increasingly pairing luxury residential offerings with high-end hotels in new, mixed-use, high-rise buildings. From the Ritz Carlton Residences at LA Live to the up-and-coming One57 in New York to the planned Faena project at the Saxony Hotel in Miami, these new towers create another revenue stream for developers and provide residents with over-the-top amenities such as fitness and spa services, room service and housekeeping.

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Real-estate-related social networks

Facebook may have put social networking on the proverbial map, but a smattering of tech startups aims to establish social-networking platforms centered on housing. Houzz boasts 10 million monthly users who peruse the home-design and remodeling website, creating image-driven idea books and finding contractors. Nextdoor.com focuses on neighborhoods, allowing its users to connect with neighbors and exchange information about the area. Some sites, such as Miami Riches, are virtual brokerages, piggybacking off of platforms such as Facebook to market homes and client base.

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Going 'green'

"Green" homebuilding is projected to comprise as much as 38% of the U.S. residential market by 2016, according to a study by McGraw-Hill Construction and the National Association of Home Builders, up from 17% in 2011. Spending on green home technologies such as energy-efficient windows, foam insulation and on-site renewable energy generation is expected to rise to as much as $114 billion from $17 billion. Energy-efficient appliances and windows, foam insulation, geothermal heating and cooling systems, solar panels and windmills have all quietly begun invading new construction, particularly in the luxury end of the market. Lower monthly maintenance costs and tax incentives have helped fuel the demand.

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Car elevators

Former Massachusetts Gov. Mitt Romney brought attention to this outrageous amenity, but he's certainly not the only high-end homeowner or luxury real-estate developer installing a car elevator. American Custom Lifts, maker of the PhantomPark car elevator, has seen orders balloon from two or three per month to about 20. Several new high-rise projects have incorporated their own versions of the car elevator: 200 11^th Ave. in Manhattan and the up-and-coming Porsche Design Tower in Sunny Isles Beach, Fla., both boast lifts that carry autos from the buildings' basements to apartments' front doors.

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Modern renaissance

Modern architecture has been gaining in popularity for some time, but a slew of recent big-ticket sales has helped to cement its appeal among buyers, including a $47 million contemporary compound in Miami, where Mediterranean architecture has always ruled. Floor-to-ceiling glass walls, soaring 12-foot-plus ceilings and open floor plans that seamlessly blend one room into another have helped propel the design aesthetic in locations across the country.

Another reason these homes are moving, particularly in ritzy enclaves such as Beverly Hills where other styles have long dominated: "There's so much money coming in from Asia, where the preferred style is modern," says Erik Coffin of Gotham Capital Management.

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