Gone in 60 seconds

58 Club Rd, carriage house

58 Club Rd, carriage house

58 Club Road in Riverside, one acre in the R-20 zone and listed at $3.295, has gone to contract. The house itself, a 1910 carriage house originally part of the old Tyson estate, will hit the dirt just as quickly, but I’m not at all surprised that this was snatched up. This is probably the second best land-side lot on Club (the best, the Albertson property with 2.6 acres, just sold privately for $6 million plus), because it rises up from the street, and a new house will sit far enough back and high enough to posses a very, very nice presence.

My boyhood home on Gilliam Lane backed directly up to this one, when it was owned by Aiken French and populated by little Frenchies the same ages as the Fountain swarm, so I know the property well, and alerted a builder friend of mine about its potential the day it hit the market two weeks ago. Unfortunately, he’s tied up building three custom homes and couldn’t bite, so someone else got it – maybe even in a bidding war, we’ll see.

If you’re curious, my builder friend says that material costs have soared so high recently that it would cost $4 million to build a top-of-the-line house here, instead of the $3 million it might have taken two years ago. The official inflation rate is low, but food’s not the only commodity that’s been climbing; copper, lumber, plumbing fixtures, etc. are also going out of sight.

Front yard

Front yard

So if a builder pays $3.3 for this land, and $4 million to construct the house, there’s going to be a $9 million spec house on this road a year or so from now. That’s a lot of capital to risk, so I’m guessing that it’s a private homeowner, already a resident of Riverside, who’ll be building new. Then again, money’s cheap these days.

5 Comments

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5 responses to “Gone in 60 seconds

  1. anonamoo

    can you run over and save that oval window at the crest of the gambrel roof please?

    In 2011, we sent to bid a two story home renovation, inside and out. Not a big house, about 3500 sf, upgrading things, adding here and there. The bids came back were so high we just couldn’t see to spending that much. Fast forward to Spring 2014. We save more money and decide to tackle the project, but a smaller version of it. Dang if the bids were 30-40% higher than in 2011, for quite a bit less work. We’re screwed. Woulda shoulda coulda.

  2. Anonymous

    word on the street is this went fast and in a multiple bid auction that drove it significantly above the asking….Club road is nuts…beautiful street but getting out of reach!

  3. Ghost of the FAR Czar

    And they already cashed out to the tune of $1.8mm when they carved off part of the lot and sold it to a builder who built 60 Club,

  4. Anonymous

    What a great location.

    Interesting discussion about building costs.If construction costs are really up 30% in the last few years is that filtering into the pricing of existing homes, assuming they are well done, given the replacement cost is skyrocketing.

  5. Flash

    Can an extra 2 feet on top of standard 8 foot ceiling be that much more? I can remember when authentic colonial architects were cutting off 2 feet from that 8 foot stud to get the colonial karma of 7’8″ ceiling and charging more for it!