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.
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.