Transaction Highlights, May 16

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By Phelan Wolf, Esq.
501 Mitchells Lane, Bridgehampton, $3,300,000
This home is located on one of the main north/south arteries north of Bridgehampton. Like many properties in Bridgehampton north, even though it’s located on a fairly busy road, this one offers plenty of privacy and serenity on its fully cleared 2-acre lot.

The house was built in 2003 and is a 5,000-square-foot traditional with five bedrooms and 5½ baths.

A generation ago, Mitchells Lane was all farmland. This home appropriately resembles a traditional farmhouse with shingled siding, a front porch and white trim. But there are contemporary touches as well, including plenty of Tuscan columns and an attached garage.

The interior is attractive and in good condition, with some extras. In addition to the expected en suite bedrooms, living room with fireplace, dining room and up-to-date kitchen, there is a paneled den with a bar and billiards area, plus a separate sauna room.

The grounds include a pergola overlooking a large pool with patio, as well as attractive landscaping. There is even a putting green with sand trap.

This property last sold on completion in 2003 for $2,175,000. It has since compounded in value at about 4 percent. That’s just about the rate of inflation, meaning this sale represents roughly a return of the seller’s capital, with 10 rent-free seasons in the interim.

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