Active Listing  ·  253 days on market

23705 Old Ferry Rd #15

Spicewood, TX 78669
$1,450,000
4 Bed 3 Bath 2,837 sqft $511/sqft Built 1998 4.55 acres 2-Car Garage Pool Waterfront Milam Ranch

Perched on approximately 4.5 private acres atop a high bluff with 400 feet of waterfront on the Pedernales River arm of Lake Travis, this award-winning custom home is a rare expression of architecture, landscape, and sustainability. Designed in 1998 by Kevin Alter and David Heymann, the residence received the AIA Austin Honor Award and was featured in Texas Architect magazine.

The home is organized into north and south wings connected by a dramatic 96-foot covered deck facing west—ideal for cool morning breakfasts, Hill Country sunsets, and near-constant breezes. Floor-to-ceiling windows, clerestory ventilation, fully insulated 6” exterior walls, and ceiling fans throughout support a thoughtfully engineered, energy-efficient design that encourages natural cross-ventilation and minimal HVAC use.

The north wing offers an open living, dining, and kitchen space with granite counters, custom cabinetry, limestone fireplace, and expansive glazing for abundant natural light. The primary suite features granite finishes and a large walk-in shower. The south wing includes three bedrooms, a full bath, laundry, and a two-car garage, separated by a breezeway that channels prevailing southerly winds.

Notable upgrades include solar panels (2020), rainwater collection providing the sole water source since 2010, two new Trane HVAC systems (2024), updated septic pump, and a private dock with boat slip. Cat5 ethernet outlets throughout support modern connectivity and home automation.

This is a distinctive, architecturally significant waterfront retreat offering privacy, sustainability, and timeless design—ready for its next steward.

At $511/sqft, this home is 4% below the Spicewood active market average of $532/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

23705 Old Ferry Rd #15, Spicewood, TX 78669

Property Details

Price $1,450,000
Status Active Listing
Beds 4
Full Baths 2
Half Baths 1
Living Area 2,837 sqft
Lot Size 4.55 acres (198,276.41 sqft)
Year Built 1998
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Milam Ranch
County Travis
Zip Code 78669
$/sqft $511/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $25,430.24
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT219224133
List Date February 13, 2026
Elementary School West Cypress Hills
Middle School Lake Travis
High School Lake Travis
School District ,

Luke Allen (TREC #788149) has deep knowledge of Spicewood and surrounding markets. Whether you're buying, selling, or just researching comparable sales, reach out for a no-pressure conversation.

Schedule a Call →

Similar Homes on the Market in Spicewood

Comparable Listings Right Now

Homes currently for sale in Spicewood with similar bedroom count, size, and price range, giving you real-time context for how this property's asking price compares to the active market.

AddressList Price$/sqftBeds/BathsSqftDOMListed
1508 Successor Rd
Paleface Ranch Sec 02B
$1,395,000 $416 3 bd / 3 ba 3,354 sqft , 2026-05-04
119 Vicinity Trl
Pedernales 02
$1,244,999 $436 3 bd / 3 ba 2,855 sqft , 2026-09-06

Source: ACTRIS MLS, live listings. Similar by ±1 bed, ±35% price, ±35% sqft. Contact Luke for a formal comparative market analysis.

Investment Analysis

Rental Income Potential

The numbers below use conservative Austin-market assumptions. They are estimates, not a guarantee. Actual rents vary by condition, timing, and management. Read our full Austin rental property guide →

Est. Monthly Rent
$6,960/mo
0.48% rule · conservative Austin est.
Gross Yield
5.76%
Annual rent ÷ purchase price
Cap Rate (est.)
3.46%
NOI after 40% vacancy + expenses
Down Payment
$290,000
20% conventional investment loan

Monthly Cash Flow Breakdown (20% down · 7.25% rate)

Estimated Gross Rent+$6,960
Principal + Interest−$7,913
Property Tax (~2.1% TX avg)−$2,538
Insurance (~0.5%)−$604
Est. Monthly Cash Flow $-4,095

At current rates and prices, many Austin luxury properties run neutral or slightly negative on pure cash flow, appreciation and equity paydown are the primary return drivers. BRRRR and off-market acquisitions can improve day-one cash flow. Learn about the BRRRR method in Austin →

Commute & Employment

Major Employers Near Spicewood, TX

Spicewood sits within commuting range of Austin's major tech, manufacturing, and corporate campuses. Approximate drive times from this area:

Tesla Gigafactory 15-25 min E
Apple Campus (Domain) 20-30 min N
Google / Meta / Indeed 10-15 min downtown
Dell Medical School / UT Austin 10-20 min
Samsung Austin Semiconductor 25 min N

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About the Author
Luke Allen, Austin TX Realtor, TREC #788149
Luke Allen
Licensed Austin TX Realtor · TREC #788149 · Full-time since 2019
★★★★★ 5.0 on Google · 30 Reviews

Luke Allen is a full-time Austin TX Realtor with the Austin Marketing + Development Group brokerage. He works with buyers, sellers, and investors across every Austin ISD and the surrounding neighborhoods, from Downtown and East Austin to Round Rock, Cedar Park, and the Hill Country. Every page on this site is written and maintained by Luke. This page was last updated on February 18, 2026.

📞 (254) 718-2567 [email protected] More about Luke →