Article published August 04, 2009
Perrysburg's Sanctuary a respite from nation's housing crash
A mansion measuring more than 8,000-square feet goes up along the Maumee River in the Sanctuary. Few houses in the development list for less than $350,000. The price on one tops $2 million.
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THE BLADE/JEREMY WADSWORTH
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By GARY T. PAKULSKI
BLADE BUSINESS WRITER
Real estate agent Gerri Walczak liked the subdivision so much, she bought it.
Bought a house in it, that is.
She and her husband are among buyers who have helped make the upscale development along West River Road in Perrysburg a sanctuary from the nation's housing crash.
Hammers continue to swing and deals continue to be made on the 400-acre Sanctuary development, which was carved 16 years ago from a former high school for Catholic boys aspiring to be priests. One house tops $2 million. Few list for under $350,000.
"We have not been hit by the economy in this neighborhood," said Ms. Walczak, a mother of two who in early 2008 moved into a five-bedroom house and quickly sold an unneeded lot in the Sanctuary Meadows section, off Roachton Road.
At a time when construction is at a standstill in many subdivisions, 10 houses are being built or were recently completed in various tracts that make up the Sanctuary development, which runs along West River between Hull Prairie and Roachton roads.Thanks to a confluence of forces - including hiring by a nearby plant and research arm of solar panel giant First Solar Inc. - houses continue to rise.
Despite the activity, the development launched in 1993 has not entirely escaped the housing crunch.
The large lots, with prices ranging from $44,000 to $300,000 each, are typically selling at a 10 percent discount, developers acknowledge.
Most builders have had to reduce construction prices to $90 to $100 a square foot from as much as $140 a square foot four years ago.
And, more than a decade after the first plat, developers have yet to connect the subdivision's pieces, which are one day expected to be contiguous.
Since the subdivision's inception, developers have sold about 200 of 300 lots platted, said Ed Bryant, of Retreat Associates, which owns the subdivision.
The firm sold 19 lots last year and expects to approach that number in 2009.
Neighbors are abuzz about a more than 8,000-square-foot mansion going up along the Maumee River in the priciest section of the development: the Sanctuary on the River. The house is being built by George and Micki Hambro, Wood County records show. Mr. Hambro, known as Chip, is the retired chief operating officer of First Solar, which had a 2006 initial public offering stock offering that made multimillionaires of many executives.
The Sanctuary has attracted people in professions that have been insulated from the worst effects of the recession, including physicians, lawyers, entrepreneurs, and corporate chief executives, real estate agents said.
And Perrysburg has been a center of economic development activity in recent years. Most recently, FedEx Ground opened a $90 million sorting hub there. Earlier, glass giant Owens-Illinois Inc. moved its headquarters to the community from downtown Toledo. Also nearby is the successful Levis Commons open-air shopping mall.
Joe Huber, retired manager of a Chrysler Group LLC parts plant in Perrysburg Township, became active in the Sanctuary South Homeowners Association after moving to the development in 2002.
He likes to hike the mulch-covered walking path that runs through a wooded area. "The Sanctuary is close to the city but is still country living," Mr. Huber said.
Ms. Walczak, the real estate agent with ReMax Central Group in Toledo, was aware of one house sold in a distressed sale and a second said to be headed for possible foreclosure.
Many other subdivisions have far more foreclosures, she noted.
Barbara St. Arnaud handles sales for Slaske Builders, which is one of a handful of home contractors active in the subdivision.
The firm last month signed contracts for four houses and is negotiating with three other prospective buyers.
"It's like there is not even a downturn for us," Ms. St. Arnaud said.
Contact Gary Pakulski at:
gpakulski@theblade.com
or 419-724-6082.
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