Transaction Highlights, May 3

30 Woodruff Lane
Bridgehampton, $775,000

Entry level home buyers, who are generally defined as people with budgets under $1 million in the Hamptons, have lots of north-of-the-highway choices in most South Fork hamlets. The exception is Bridgehampton, which has far fewer homes priced at under $1 million than Southampton or East Hampton villages.

This is partially because the hamlet of Bridgehampton is an expensive market, but it’s also an accident of geography. There aren’t many north-of-the-highway streets with small lots in Bridgehampton; most of the land north of the highway is large lots that support big homes and command high prices.

This house is located in a small subdivision off the Bridgehampton-Sag Harbor Turnpike, a busy artery that runs between the hamlets. The lot is .58 acre with houses on similar-sized lots on either side, and backs up to a wooded area for backyard privacy.

Technically, this house is a ranch, as it has one story. But it’s different fromn most, with a cathedral ceiling over the living/dining/kitchen area, rather than the low ceilings often associated with ranches. The finishes are different as well, with light, clean lines, rather than the traditional and often dark interiors found in ranches.

The house is 1,500 square feet, with three bedrooms, two baths and a fireplace. There is also a two-car garage.

This house was built in 1994, and is in excellent condition, but it hasn’t been renovated. Many of the rooms are dated.

The seller, who is the original owner, paid $180,000 for this home when it was built. This sale represents a very nice rate of return, in excess of 8 percent, which is especially high for a north-of-the-highway starter home. The low supply of affordable north-of-the-highway streets in Bridgehampton may provide price support for entry-level Bridgehampton homes and make them relatively good investments over time.