New luxury home must-haves

"This is essentially anytime you would like a personal assistant in your house to do things for you such as turning the lights on and off, checking to see if the garage is closed, making sure the temperature is set correctly," says Robert Bracero of Converge, a Virginia engineering firm that integrates technology into the home.

Another area of homeowner desire is flexibility.

Developers of some of Manhattan’s most cutting-edge developments — such as the Jean Nouvel-designed 40 Mercer, where units are priced between $2.2 million and $15 million — are installing sliding floor-to-ceiling bookcases that allow residents to quickly open up or close off spaces. They are also finding buyers are interested in floor-to-ceiling glass windows that completely open to the outside, creating an indoor/outdoor living space.

"It is like an instant guest room," says Corcoran broker Wilbur Gonzalez of the sliding walls found in 40 Mercer’s 1-, 2- and 3-bedroom units, "without having to dedicate an entire bedroom that never gets used."

In less crowded parts of the country, outdoor kitchens are a major status symbol.

Mike Logsdon, a landscape architect and owner of Land Design in Boerne, Tex., says that among his wealthier clients, outdoor entertainment areas are a craze. He regularly sees bills totaling anywhere from $50,000 to $200,000 for a cabana and kitchen with a stainless-steel grill, granite countertops, warming drawer, wine cooler and ice maker.

"People are living outside," he says. "Pools have gone from a $15,000 kidney shape to a $400,000 pool with tiles. And outdoor kitchens can be every bit as expensive as indoor ones."

Indeed, in the world of luxury real estate, a slowdown doesn’t necessarily mean less spending. In fact, it can often be quite the opposite.

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