Most of the three-story townhomes at The Aspens at Walton Creek are in triplex buildings.

Photo by Tom Ross

Most of the three-story townhomes at The Aspens at Walton Creek are in triplex buildings.

Aspens at Walton Creek attract locals

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The kitchens in The Aspens feature maple cabinetry and the buyer's choice of 10 types of granite countertops. There is a spacious pantry cabinet included.

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The great rooms in The Aspens feel airy thanks to an open staircase.

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Natural stone and a decorative metal screen set off the corner fireplaces.

— The development team for The Aspens at Walton Creek envisioned a neighborhood of townhomes that would appeal to local buyers, and to date, that seems to be the market.

"So far, all of our buyers have been local residents, and all of them have been in their 30s and 40s," sales consultant Shawn Donnelly said. "We have five first-time homebuyers."

The 28 townhomes are on Aspen Leaf Way off Walton Creek Road, not far from its intersection with U.S. Highway 40.

Partners in The Aspens are John Taylor, Tony Cacioppo and Scott Lucas. The construction project manager is Todd Pansius.

Donnelly said five of the 10 units in Phases 1 and 2 have closed, with two more scheduled to close in the near future. Five more units of the total 28 are under contract, with three for sale at $599,000 and one at $615,000.

Some of the closings filed by Routt County earlier this winter for early buyers at The Aspens at Walton Creek confirm purchase prices of $475,000.

In addition to the three-story townhomes, there are two accessible units with deed-restricted affordable units above them. The developers included the affordable units before there were any city mandates to do so.

Cacioppo said though he looks forward to selling some of the three-story townhomes to vacation homebuyers, he finds it particularly rewarding that the homes have found a market with Steamboat Springs residents.

"This is something I'm proud of because all of the developers made a commitment to providing housing for locals," he said. "We built these townhomes as if we were planning on living here. Some of our friends bought here. Cost doesn't override quality."

The 1,521-square-foot townhomes are on three levels including a garden level with full-sized windows. They are partially manufactured homes, with many custom interior finishes. They offer decks and single-car garages with ceilings that are high enough to offer storage potential.

"Tony tried to use the space most efficiently and bring in really nice finishes to offset the size," Donnelly said.

The units feature real stone facing on the corners of the garage and the fireplace, wooden garage doors, a snowmelt system in the driveway and sidewalk that can be turned on and off, and solid red oak flooring that was finished on site.

The open timber-tread staircase is flanked by wrought iron balusters. There are tongue-and-groove paneled ceilings, and several of the ceilings are vaulted.

Cacioppo said one of his goals was to design a project that would have green qualities while rewarding its residents with low energy and carrying costs.

"I think part of the new green is a smaller footprint and efficient use of space," he said.

The Aspens at Walton Creek will host an open house from 12 to 5 p.m. Saturday in the model unit (first on your right upon entering the project off Walton Creek Road). There is alternate access via Chinook Lane and Mariah Court.

Donnelly can be reached at (970) 819-1190. All of the marketing and sales of the development is being kept in-house.

"I think the reason the project has been well received is that it's efficient, and it's on the mountain at a price that is manageable," Donnelly said.

Comments

steamboatsconscience 6 years, 8 months ago

Wow so glad that $600K is managable for modular triplexes can I finance that with a 100% mortgage? we all know that real estate can only go UP. right? looks like this is your chance for affordable housing 424now.

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vm1336 6 years, 8 months ago

This is the home market for locals? Let's do the math: A $600k house with 20% down leaves you a $480,000 mortgage. With current interest rates you'd be looking at a jumbo mortgage payment somewhere just south of $3,000/month. To qualify for that you'd need a gross income of about $10,000/month.

What local jobs pay that well? Please tell me because I'd like to apply for any openings.

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housepoor 6 years, 8 months ago

not a jumbo anymore, they raised it to 675k for Steamboat

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424now 6 years, 8 months ago

Hi ho!

Hi ho!

Hi ho, hi ho, South of town I go! To a scary place where the price is right hi ho, hi ho, hi ho, hi ho.

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OnTheBusGus 6 years, 8 months ago

A $600k house with 20% down leaves you a $480,000 mortgage.

Um, like a local seeking out "affordable housing" has $120K for a down payment too? Yeah, where are the $120K a year jobs in Steamboat?... I mean the ones that don't require a phd...

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vanguy 6 years, 8 months ago

First of all, a $600,000 property probably isn't an appropriate "first purchase" in Steamboat.

Start in a more reasonably priced condo, as many before you have. (Try Walton Village, The Pines, Subalpine, Shadow Run, Meadowlark, to name a few)

Regardless of whether the property appreciates over time, you will build your own equity over a few years.

Paying rent simply builds equity for your landlord.

Also, the tax deduction on your mortgage interest is HUGE.

Then create a plan to save some additional money, stay disciplined to your plan, and try cutting out a few unnecessary expenses. (ie...new gear, bar tabs, starbucks).

After a few years, you'll be surprised how much cash you have put away. Avoid the temptation to spend it on a new car, snowmobile, bike, or international vacation.

Or you can try partnering together to purchase with a few friends as "equity roommates".

Three bedrooms = Three occupants = Three incomes.

All of the sudden, your collective incomes qualify you for much more home. (Safety & Power in numbers)

Talk with some lenders (and possibly an attorney) about your plan. Co-purcase as Tenants in Common, create and sign a partnership agreement that details the terms of ownership / plans for sale / buying out other partners / equity disbursement, etc.

Again, many locals have done this in the past to get their start.

And don't forget about USDA loans, which can really help lower-income or first-time buyers in Routt County.

It's hard to make a home in Steamboat, but there are solutions if you seek them out. Nothing comes easy, and sometimes you have to start small, take your time, have a plan, and most importantly, stick to the plan.

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armchairqb 6 years, 8 months ago

Did someone say "Stack A Shack"?????? for $599,000???? You got to be kidding me?????? Do the math...What its built at __ a square foot?????? Who is dumb enough to buy these????? NOT ME!!!!!

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vanguy 6 years, 8 months ago

Thanks guys.

We started small, worked really hard, made some tough sacrafices, pinched every penny, took risks, and put in our fair share of sweat equity over the years.

We now have a home that is still, to this day, a challenge to afford. But the sense of pride in how we earned our home, and our pride in raising our family in Steamboat, is far greater than the balance due on our mortgage.

Where there's a will, there's a way. Trust Me.

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handyman 6 years, 8 months ago

vanguy - Thanks for offering a solution. It's nice to see a positive attitude and not just a bunch of b*tching.

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