Dick's a friend of mine (and at least once upon a time a reader of this blog) who fled Riverside after selling 8 Chapel Lane for $1.469. That buyer built a spec house on the lot and has just sold it for $3.820 million, which has got to be a record for Chapel. Two lessons here, I suppose: (1) you just never know what the current ceiling is in Riverside these days and (2) the old rule of thumb about paying for land to build on: 1/3 for land, 1/3 for cost of construction, and 1/3 for overhead and profit, is no longer operative.
$3.8 for Chapel? Wow.