In the classic movie It’s a Wonderful Life, Pottersville is the rowdy, seedy and entirely imaginary town that might have evolved had hero George Bailey never lived to save his hometown, Bedford Falls, from the grasp of a greedy businessman named Mr. Potter.

But in Little Compton, the section of town known as Pottersville is a far cry from its fantasy film counterpart.

Like much of rural, coastal Little Compton, Potterville is unspoiled, marked only by striking natural beauty.

And its location in the central east section of town, near the border of Westport, Mass., makes it one of the more affordable areas of Little Compton — if any area of a town where the median house price is more than $500,000 can be called affordable. (Rhode Island’s median house price last year was $275,000).

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Pottersville, in Little Compton

Little Compton’s most expensive real estate tends to be in waterfront areas like Sakonnet Point and Chace Point. But many year-round Little Compton residents live in the farmlands and wood-lands farther from the water.

Contractor Myron Simmons has lived on Pottersville Road for 45 years, and is a lifelong resident of Little Compton.

He said it is true that most of the summer people who own second homes in Little Compton tend to settle near the water, and “anything near the water gets real pricey.”

He said the summer people pay a lot of the tax burden of the town, and employ many of its residents, without requiring a lot of expensive town services, which helps keep local property taxes low. “It’s a good deal,” he said.

Myron said most of his business projects involve renovation work, but in 2006 he built a new house for client Stephen Chafee Cottage at 65 Mullin Hill Rd. Although it is a new house, it has an historical look and even has a historic-style “c. 2006” plaque affixed near the front door.

“He wanted it all done old-style, with a stone foundation and copper-lined gutters… I want to say it’s nicely done, but I don’t want to brag,” Simmons said.

Of the 47 houses listed for sale in Little Compton last week, only 3 had prices under $400,000, and all 3 were in Pottersville:

•For $319,999, a 336-square-foot cottage at 107 Pottersville Rd. “is in desperate need of some TLC,” the listing information reported. “But the large 24-by-32-foot garage with an apartment above gives the opportunity to live on site while renovating your home.”

•At $350,000, a two-bedroom ranch at 182 John Dyer Rd. offers a “private setting across from Simmons Mill Pond,” according to the listing information.

•And an “expandable” cape at 338 Long Highway is priced at $385,000, and comes with three bedrooms, a two-car garage with storage, and a more than 2 acre lot.

The most expensive house listed for sale last week in Pottersville was $475,000, for a 2-acre parcel with a c. 1750, boarded-up farmhouse frankly described as “dilapidate” in the listing information. The property, at 5 Pottersville Rd., overlooks a trout stream.

POPULATION: (Little Compton, 2000) 3,593

MEDIAN HOUSE PRICE: (Little Compton, 2007) $588,000

INTERESTING FACT: Incorporated as a part of Plymouth County, Massachusetts, in 1682, Little Compton, along with Cumberland, Barrington, Bristol and Tiverton, was transferred to Rhode Island by Royal Decree in 1746.

cdunn@projo.com