The Coldwell Banker Baby Boomer Real Estate Survey, an online random sampling of 363 certified Coldwell Banker Previews International sales associates who market luxury homes, found more 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.

Larger homes were on the list for 65 percent of the baby boomer clients who made recent home purchases because they wanted bigger residences. While 17 percent wanted to scale down, another 15 percent were buying a second or vacation home.

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

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

"Our survey clearly shows 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 Corp. "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."

According to the survey, sales associates said boomers are particular about what they look for in a luxury home. Main-floor master suites, three-car garages and a one-floor home are the most desired amenities. Home gyms, home theaters and guest houses are also desired.

According to the sales associates surveyed, 87 percent of the boomers expect to renovate their homes in some way and 27 percent will completely renovate their homes. The majority of the boomers are looking at kitchen and bathroom remodels, with backyard decks and bedroom remodels also mentioned.

In the opinion of the sales associates surveyed, 67 percent of the boomers want to live in the suburbs, 21 percent in the city, 10 percent in the country or rural areas and 1 percent in senior communities or a college town.

Coldwell Banker Previews International sales associates said baby boomer clients told them they wanted their homes to be located where they can continue to pursue favorite pastimes. Shopping tops the list at 71 percent followed by golf, enjoying the beach, biking, hiking, fishing and participating in athletic leagues.

The study was commissioned by Coldwell Banker Previews International and conducted by Zoomerang Research. 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.