Land sale in Riverside

18 Armstrong Lane, asking $2.3 million, after 55 days. The listing mentions the possibility of a two-lot subdivision, but I hope the full 0.7 acre is kept as one, if only for the neighborhood’s sake; it’s a beautiful lot.

And possibly for the buyer’s sake, too. Some years ago I advised a client/friend/builder against subdividing a one-acre lot in Riverside, pointing out that large lots have almost disappeared here, and a new house on one could command a premium. He went ahead and subdivided and built two nice houses, which we sold, but a few years later told me that, factoring in the costs, he’d have done as well or better building just one.

I don’t know how the math would work here for a developer, but if it’s a private owner buying this property, he could pay this much, build one, great home, and come out okay.