Posted: Thu, 2 Sep 2010 09:02 AM - 7,590 Readers

By: Shermakaye Bass

It's the dog days of summer, and nothing sounds better than life on Lake Travis. From the chic Lake Travis South Shore near Lakeway and RM 620 to the North Shore near Jonestown and Lago Vista, and all the way to Spicewood, it's possible to find waterfront properties for $500,000 or less.

With a knowledgeable real estate agent, some diligent digging and a little education, potential buyers can find hidden troves fronting every part of Lake Travis, which stretches 63.75 miles in length and has 270 miles of shoreline. The trick is to study up before consulting a professional. Narrow down your search, weighing location vs. affordability, proximity to Austin vs. a quieter, outlying getaway, and whether or not you want full-time or part-time residency.

Perhaps you'd like a condominium, something you could even share with a friend; those properties can be found in the low $200,000s or less, if you look farther out. Or maybe you want a small second home closer in; there are options in the $300,000s and up. Or you and your family might simply want to relocate and enjoy the leisurely pace of lake living. Regardless, these days you can find homes, condos and cottages for $500,000 or less.

Lake area experts such as real estate agents Ryan Rogers, Gayle Berkbigler and Linda Welsh offer a few tips.

"The first thing is not to just have a good Realtor but one who knows a lot of other waterfront agents," says Rogers of Coldwell Bankers United Realtors. "It's the agent-to-agent networking" that can help a buyer find an affordable property. But, he adds, that can take some legwork and patience.

"Everybody's looking for a deal, especially with the economy the way it is, but it's still hard to find a 'lower priced' property that's actually on the water," Rogers says. He believes that though prices might have plateaued or dropped in the past two to three years, "it's never going to get cheaper out here. Values are just going to go up."

Travis Lakefront Shopping 101: This huge body of water has specific regions desired for different reasons and with widely varying price tags.

"There's a distinct difference in the North Shore versus the South Shore," Rogers says. "With the South Shore, the delineation would occur about north of Volente Beach Road. The (RM) 1431 corridor (and above), that's for sure North Shore. From (RM) 620 to (Texas) 71 is what we call South Shore.

"South is a lot more expensive and a lot more desirable. There's proximity to restaurants and shopping, like the Hill Country Galleria, and it's quicker getting into town. Once you get out into North Shore, like around the Hollows and places like that, prices are cheaper but there are fewer services. \u2026 Personally, if I had a buyer looking for up to $500,000, I'd immediately take them down Volente Beach Road, and I would also take them out (Texas) 71 into the Spicewood area."

As all lake realtors will point out, waterfront property is a want; it's not a need. That's why closer to Austin, condos and multifamily dwellings are the least expensive way to go.

Capital City Sotheby's Gayle Berkbigler says that condos like the Villas on Travis, built in the late 1990s, have become very affordable in recent years. Units range from $200,000 to $350,000.

"Actually, I lived in one of those for two years and I loved it," says Berkbigler. "Two years ago, when the economy started plummeting, prices might have been a bit higher. But because nobody's building specs right now, I think that over the next couple of years, supply is going to tighten up again." Spec homes are built without a buyer.

Much farther north and west on Lake Travis, where it meets Marble Falls and gives way to Lake LBJ, are even crazier deals, if it's the land and space that you value most.

According to Linda Welsh, of Linda Welsh Auction & Realty Group, a buyer can get more bang for the buck in that area: "Up at the north side around Marble Falls (not to be confused with the North Shore), it's a bit of a drive for some people, but you tend to get a lot more land." For instance, Welsh represents a lakefront property in that area with more than five acres for $500,000.

"It just depends on what you want — whether you want to be in a metropolitan area, close enough to travel into town for business or whether you want more open space, larger lots and privacy."

Waterside Oaks Condominiums

Address: 20975 Waterside Drive. No. 35, Lago Vista, 78645

Price: $275,000

Agent: Priscilla Hanson, Century 21 HSK & Associates

Details: From the exterior, this two-bedroom, 21/2-bathroom townhome in the Waterside Oaks gated community looks standard. But once inside … wow! The 1,930-square-foot residence has been elegantly remodeled to include a sleek, designer, stainless-steel kitchen, gleaming teak floors, windows galore, formal living area with a fireplace plus a den/office/media room. The spacious master offers a deck looking onto the lake; the master bath has a jetted tub and double vanities. Another plus: a two-car attached garage. The community includes a swimming pool overlooking the lake and jogging and biking paths. Waterfront docks are available for purchase or possible lease.

Red Bluff Cove

Address: 727 Indian Mound Road, Spicewood, 78669

Price: $500,000

Agent: Robin Curle, J.B. Goodwin, Realtors

Details: This rustic two-story cabin feels like true, old-school Hill Country. Located near the Burnet/Llano area on Lake Travis' Red Bluff Cove, it sits on a hill overlooking the lake. The 1,200-square-foot wood structure has two bedrooms and one bathroom and presides over 4.54 acres. The waterfront alone stretches 200 feet. It's rather spruced up for a 1980s lake cabin, with central air conditioning and heat, a cozy fireplace and propane. The property itself boasts a private boat launch and pier/boat dock.

Marshall Ford Vista

Address: 13202 Mansfield Drive, Austin, 78732

Price: $449,900

Agent: Ryan Rogers and Eve Kush, Coldwell Banker United, Realtors

Details: This stone two-story house in western Travis County is perfect for a family. It's nestled on a half-acre lot with many shade trees and a sloping back lawn to the lake. The back wall of windows faces water and is adjoined by a spacious deck/entertaining space. It is shaded by a towering oak. This 2,067-square-foot home has been remodeled and features three bedrooms, two bathrooms and two luxurious, large stone fireplaces - one in the great room, one in the upstairs master suite. Its proximity to Four Points is a plus, as is the Leander school district. A day dock is available, and it's very close to Marshall Ford Marina, which many residents use.

Villas on Travis

Address: 2918 RM 620 N., No. 202, Lakeway, 78734

Price: $219,000

Agent: Gayle Berkbigler, Capital City Sotheby's International Realtors

Details: Built in 1998, this condo has been nicely updated, with granite counter tops, wood cabinetry, designer paint, recent carpets and designer fixtures. This gated condo community is a great option for a joint-purchase/time-share venture, to lease when unoccupied, or to use as a weekend getaway. The 1,160-square-foot condo is a two-bedroom, two-bathroom, one-story with a fireplace and great lake access. The community - which has more than a dozen other condos for sale priced between $200,000 and $350,000 - has two pools, a separate hot tub, day docks, sport court and tennis courts.

Big Bee Creek

Address: 2725 Oak Ridge Drive, Spicewood, 78669

Price: $375,000

Agent: Bryan Anderson,

ReMax Lake Travis

Details: Located on Big Bee Creek in the Spicewood area, this quaint cottage has tons of potential and a rolling lakefront lot. The house is small: 720 square feet with one bedroom and one bathroom. The lot is almost 3/4 acre and begs for additions. One of the big amenities of this property is that even during the deepest drought last year, owners say this particular cove did not go dry. The backyard slopes down to a generous dock with three slips plus a lift for a personal watercraft. The property also includes a private boat ramp. Other pluses include a large patio overlooking the water and a cement pad for an RV or other large vehicle. This property is perfect for the buyer who doesn't want all the fancy trappings or designer details.