Research has examined the effects of relocation on the physical and psychological well-being of the elderly, but has usually neglected the pre-relocation or anticipatory period. A study was conducted to examine the experiences of older persons waiting to relocate to subsidized age-segregated apartments. Subjects were interviewed twice over a 1-year period. At the initial interview, 63 older adults completed the Philadelphia Geriatric Center Multi-level Assessment Instrument (PGC MAI) and an open-ended questionnaire assessing attitudes toward their present home and toward relocation. One year later, when approximately one-half of the subjects had moved, 54 of the original subjects were reinterviewed using the same instruments and a second open-ended questionnaire which explored the meaning and importance of their home to them. While the moving process was perceived to be stressful by 60% of the relocated group and 28% of the non-relocated group, respondents employed complex appraisal and coping strategies with a very high rate of success. For the total sample, the results revealed no significant differences between time 1 and time 2 scores on the PGC MAI. Respondents who were still anticipating relocation showed slight longitudinal declines on the majority of the PGC MAI variables, but no significant decrements in functioning. Respondents who had relocated reported significant increases in environmental satisfaction over time. (NB)