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PROVIDENCE POINT LOWERS AGE LIMIT TO 55 AT COMMUNITY FOR ACTIVE ADULTS

PROVIDENCE POINT LOWERS AGE LIMIT TO 55 AT COMMUNITY FOR ACTIVE ADULTS
 ISSAQUAH, Wash., Oct. 8 /PRNewswire/ -- In a bold departure from the mature-market housing industry, Swanson-Dean/Daewoo Partnership today lowered the age for entrance from 62 to 55 years, at their 180-acre condominium community for active adults east of Lake Sammamish, the partnership announced.
 The 55 age for admission dramatically increases the potential market for Providence Point and further reflects the new market segmentation that is changing the marketing of housing developments for mature adults in the Pacific Northwest.
 Established in 1984, Providence Point has long directed its marketing efforts to active adults over 62, with such amenities as tennis courts, a full-size indoor swimming pool, an exercise facility, resident-developed gardens and nature trails in addition to the unique continuing education "Communiversity" program. But, with other adults- only facilities adding assisted-living and dedicated Alzheimer's wings for the older, infirm resident, Providence Point is setting its future on the maturing population segment which will soon reach retirement age, and which will experience explosive growth in the next 10 to 15 years.
 "These people are very active, may still have full- or part-time employment, travel extensively and want to get the most out of their early retirement years," according to LaMar Hansen, Providence Point project manager. "These mature adults have the money and freedom to live and go where they want, but they don't want to bother with the problems of household upkeep and yardwork," added Hansen. "That is what makes Providence Point so appealing."
 As the second-largest adult community in the Pacific Northwest, Providence Point's new marketing direction is also reflected in the newly announced Forest Village, the latest division of 200 condominium homes located on a 60-acre parcel.
 "Forest Village," said Hansen, "will attract a younger 'snowbird' market who travels south in the winter and wants a two-car garage and needs a secure compound for recreational vehicle parking. The new Forest Village is designed specifically for them."
 Housing at Providence Point begins at $90,000 and reaches $295,000 for a three-bedroom, two-bath condominium home. Each Providence Point homeowner retains title to his or her property equity and may re-sell at any time, in sharp contrast with so-called "lifecare" communities that have hefty (often non-refundable) up-front "buy-ins" or security deposits.
 Information about new construction availability may be obtained by calling Providence Point at 800-648-1818, during regular business hours.
 -0- 10/8/92
 /CONTACT: Charlotte Sifford of Swanson-Dean/Daewoo Partnership, 206-455-4526/ CO: Swanson-Dean/Daewoo Partnership ST: Washington IN: SU:


SC-JH -- SE003 -- 7812 10/08/92 11:43 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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