Affluent Baby Boomers Are Not Ready to Stay in Their Current Homes For

PARSIPPANY, N.J., April 27 /PRNewswire/ -- Today's affluent Baby Boomers are not slowing down, and the majority remains "on the move." The Coldwell Banker(R) Baby Boomer Real Estate Survey, an online random sampling of 363 certified Coldwell Banker Previews International(R) sales associates who market luxury homes, found that affluent baby boomer homeowners (ages 40-58) remain an upwardly mobile group.

In fact, more than half of the Baby Boomers (52 percent) who purchased a luxury home through Coldwell Banker within the last two years told their sales associate they plan to spend fewer than five years in their current home. Eighty-six percent of these homebuyers said they have purchased three or more homes throughout their lifetimes. Almost half said they have lived at their most recent residence for a period of only one to five years.

It seems that size also matters to this group. The Coldwell Banker Previews International sales associates indicated that 65 percent of their Baby Boomer clients made their most recent home purchases because they wanted bigger residences. A mere 17 percent were looking to scale down, while another 15 percent were buying a second or vacation home.

The typical size of a recent luxury home purchased, according to the surveyed Coldwell Banker Previews International sales associates, was 4,500 square feet or less with four bedrooms, three bathrooms and a backyard. The overwhelming majority (88 percent) of these luxury homes cost approximately $1 million, while only 12 percent of the sales associates reported recent sales of homes costing more than $2 million.

The survey also indicated that 60 percent of these buyers purchased existing single-family homes, while 21 percent opted for new construction and 16 percent purchased condos/townhouses.

"Our survey clearly shows that wealthy Baby Boomers want to enjoy the rewards of their hard work," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "They want bigger and more luxurious homes and want to remain active. They are in their peak earning years, have benefited from many years of strong stock market returns and have built tremendous equity and appreciation in their homes. These factors, along with many receiving inheritances from their parents, are allowing the luxury home market to thrive and it should be robust for years to come."

Know Exactly What They Want

The Coldwell Banker(R) survey shows Baby Boomers are very particular about what they look for in a luxury home, the types of improvements they want to make to the home and the areas in which they choose to live.

Coldwell Banker Previews International(R) sales associates reported that boomers were most interested in the following home amenities:

Luxury home amenity Percentage indicating interest Main floor master suite 47% Three-car garage 44% One floor home 40% Home gym 28% Home theatre 15% Guest house 12%

According to the sales associates surveyed, Boomers expect to make changes to their new homes:

Type of renovation Percentage indicating interest Any renovation 87% Kitchen 79% Bathrooms 70% Backyard deck 28% Complete renovation 27% Bedrooms 16%

In the opinion of the sales associates surveyed, boomers want to live in the suburbs:

Where Boomers purchased homes Percentage Suburbs 67% City 21% Country/rural 10% Senior community 1% College town 1%

Coldwell Banker Previews International(R) sales associates said Baby Boomer clients told them they wanted their homes to be located where they can continue to pursue favorite pastimes:

Favorite activities Percentage indicating interest Shopping 71% Golf 69% Enjoy beach/waterfront 47% Biking 24% Hiking 22% Fishing 12% Athletic leagues 6%

Gillespie also pointed out that Baby Boomers are indeed the driving force in the luxury home market. Nearly 60 percent of the surveyed Coldwell Banker(R) sales associates reported that those between 40 and 58 years old accounted for a large majority of their luxury home sales over the last two years.

The study was commissioned by Coldwell Banker Previews International, a leader in luxury home sales, and conducted by Zoomerang Research in January 2005. Coldwell Banker defines a luxury home as having a listing price of at least $500,000, priced within the top 10 percent of its market and of exceptional style and quality.

About Coldwell Banker Previews International(R)

The Coldwell Banker Previews International(R) program has been marketing luxury homes since 1933. This luxury home marketing program has been exclusive to Coldwell Banker(R) affiliates since 1980. The exclusive group of certified Previews(R) Sales Associates make up only six percent of the more than 120,000 Coldwell Banker sales associates worldwide. In February, at its annual International Business Conference in Orlando, Fla., Coldwell Banker unveiled the Web site http://www.coldwellbankerpreviews.com/ to support its Coldwell Banker Previews International luxury real estate marketing program. The Previews site allows consumers to view more than 10,000 luxury properties. Most of the homes listed are priced at more than $1 million.

About Coldwell Banker(R)

Since 1906, the Coldwell Banker(R) organization has been a premier provider of full-service real estate. In 2004, Franchise Times magazine's prestigious Top 200 issue ranked Coldwell Banker number one in real estate and number eight among all franchisors. Additionally, the Coldwell Banker organization received the "Highest Overall Satisfaction For Repeat Home Buyers Among National Full Service Real Estate Firms" from the J.D. Power and Associates 2004 Home Buyer/Seller Satisfaction Study(SM). The study was based on responses from 4,977 home buyers and sellers. The study was conducted for Cendant Corporation by J.D. Power and Associates. The Coldwell Banker system has more than 3,700 residential and commercial real estate offices and 120,000 Sales Associates in 26 countries and territories. The Coldwell Banker system is a leader in the industry in residential real estate, and in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International(R) division. It is a pioneer in consumer services with its Coldwell Banker Concierge(R) program and award-winning Web site, http://www.coldwellbanker.com/. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country, and the Coldwell Banker Commercial(R) system is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types.. Coldwell Banker Real Estate Corporation is a subsidiary of Cendant Corporation . Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.