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A 1600 Sq. Ft. Three-Bed On One Acre In Springs For $499K

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When this three-bedroom "post modern" hit the market in October of 2009, it had a $750K pricetag attached. After two and a half years and a trio of pricechops (the most recent of which came just yesterday), it's now the newest member of our Under 500K club. And while many members of this ever-growing Hamptons fraternity aren't in the greatest of shape, this one looks to be as well-maintained as the brokerbabble suggests. Of course looks can be deceiving, but this particular residence makes a rather nice showing in the listing photos.

Set on a full acre right off of Accabonac Road in the Springs section of East Hampton, the 1600 sq. ft. home offers an open floor plan, great room with fireplace, an eat-in-kitchen (in need of a remodel), three decent sized bedrooms and a two-car attached garage. There's also some pretty expansive decking overlooking a pool in the back. For less than $500K, it seems like a pretty solid deal. Thoughts?

· Listing: 2 Rosemaries Lane [Corcoran]