For $6 million, the right buyer can acquire 123 acres, which includes waterfront property on Lake Travis and an 80-slip marina. But, that’s only part of the big picture. What’s at stake is a unique opportunity for an investor to also own and develop four phases of the Waterford at Lake Travis, which includes 49 ready-to-go lots for single-family home development, as well as larger vacant land tracts.
“The location of Waterford at Lake Travis along the north shore in the highly desirable Hill Country, just outside of Austin, is ideal both for retirees and those executives who may work in Austin, but don’t have to make the daily commute,” says Younger Partners broker John St. Clair, who is listing the bank-owned property for sale with colleagues Robert Grunnah and Michael Ytem.
St. Clair says Waterford was extensively planned, engineered, and partially developed, but the timing 10 years ago wasn’t ideal for the project. Since that time, there is now a wealth of amenities, shopping, and restaurants located along the north side of Lake Travis.
This offering includes four phases all within the Lago Vista Extra Territorial Jurisdiction (ETJ). There are 49 developed lake lots with great views as well as acreage to develop more lots. The buyer of Waterford also inherits participation in the Municipal Utility District.
“The developed lots are within an established, partially sold development and are configured to meet the market demand,” St. Clair explains. “The scenic country surrounding the development and lake views from these home sites are impressive as are recreational opportunities surrounding the development including the contiguous marina.”
In addition to the natural beauty of the land is the appeal of the pricing. First United Bank acquired the property through foreclosure and is motivated to sell it at attractive current market levels, St. Clair says.
Lago Vista was incorporated in 1984 as a lakeside resort community with homes, condominiums, golf courses, and the marina. The community encompasses more than 15 miles of Lake Travis shoreline with a population of about 5,000 residents.
“The quality of life in this community is extraordinary whether the homeowners are retirees, looking for a second home, or those benefitting from telecommuting. Working from your gorgeous lake home makes that occasional commute to Austin enjoyable,” St. Clair says.
It is believed that all infrastructure and entitlements are in place to complete the construction of homes on the remaining land and single-family lots. Several homes have been completed and are occupied, St. Clair adds. Because of the bankruptcy and subsequent foreclosure, the property has not been for sale until now. Here is the listing for more details.