Saturday, September 1, 2001
Steamboat Springs Realtors representing the developer of CornerStone at the Moraine say the townhome project on Clubhouse Drive will launch its next phase as contracts warrant.
CornerStone began construction last fall and the project saw a flurry of closings in August as the first 14 units were granted their certificate of occupancy.
Realtor Ray Wright, who has co-listed the project with Todd Asbury at Steamboat Village Brokers, said nine of the 14 townhomes have closed.
Wright and Asbury said they are taking reservations for Phase II of the 41-unit project and construction will go forward in the spring if demand warrants.
Developer Douglas Speirn-Smith said last fall that he would proceed deliberately with build-out of the project.
"I'm used to building to meet demand," Speirn-Smith said. "I'm not a speculative developer."
Wright said multibuilding townhome projects offer the advantage of allowing developers to proceed with each successive phase as the sales pace warrants it. That's in contrast to condominium projects with a large number of units in each building.
"CornerStone appeals to people who want to live on the quieter side of the mountain," Wright said. "Our buyers are telling us they wanted to be away from the higher density and construction activity" at the base of the ski area.
Although CornerStone is on the "other side of the mountain" near the Sheraton Golf Course, connecting footpaths make it an easy walk from shopping and dining in Ski Time Square.
Asbury finds buyers are responding to the variety in size of the units, from 1,623 square feet to 1,913 square feet and the largest at 2,343 square feet.
Features like vaulted ceiling, log accents and the availability of a swimming pool, hut tubs and tennis courts are also strong selling points, Asbury said.
CornerStone is actually the renaissance of the original Moraine project which was undertaken in the early '80s and was never taken to completion. The current project came through city planning with updated architecture and floor plans.
Speirn-Smith said he designed the project to appeal to four-season users, rather than people who intend to spend only a couple of weeks a year in Steamboat. All of the units have either single-car or two-car garages. And with 11 buildings, a high percentage of the units are end units with view windows.
The townhomes were originally priced at $335,000 for a 1,623 square-foot unit with three bedrooms. the original price list went up to $519,900 for a three or four bedroom unit measuring 2,305 square feet. Prices currently begin at $365,000 and go up to $529,900.