Active Listing  ·  2 days on market

3220 Fall Creek Estates Dr

Spicewood, TX 78669
$7,495,000
7 Bed 13 Bath 11,300 sqft $663/sqft Built 2001 37.00 acres 7-Car Garage Pool Waterfront Paleface Homesteads

Spanish-style estate on 37+ scenic acres along the Pedernales River and Fall Creek in Fall Creek Estates, Spicewood, TX — approximately 30 minutes from Austin. Handcrafted architectural details, spacious guest accommodations and expansive outdoor living create a distinctive Hill Country retreat. Smaller acreage option available.

LAND: Scenic waterfront acreage with room to enjoy the Hill Country landscape.

MAIN HOME: 7,300sf | 4 bed, 5 full bath, 3 half bath. Saltillo tile floors, hand-plastered walls, custom wood beams and iron accents complement three fireplaces. Chef's kitchen, butler's kitchen, wine storage room and expansive exercise room.

GUEST HOUSE: 3,000+sf | 3 bed, 3 full bath, 1 half bath, full kitchen and fireplace.

WATER & INFRASTRUCTURE: Half-mile of combined Pedernales River & Fall Creek frontage, private boat ramp and access to a portable HOA dock. Three water wells and 20,000+ gallons of water storage.

ADDITIONAL IMPROVEMENTS: 1,000+sf hobby shop with half bath, 3,300+sf of attached and detached garage space, and a stone-walled entrance with electric gate.

OUTDOOR LIVING: Four patios across three levels, a fully equipped outdoor kitchen and a heated pool with jacuzzi overlooking the Pedernales River. River access supports boating and fishing. Nearby golf includes Austin Golf Club, Barton Creek Lakeside, Lake Cliff, Loraloma and Travis Club.

With substantial waterfront acreage, two residences and extensive amenities, this estate offers a private retreat for everyday living, hosting guests and enjoying the Hill Country within convenient reach of Austin.

At $663/sqft, this home is priced 27% above the Spicewood active market average of $521/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

3220 Fall Creek Estates Dr, Spicewood, TX 78669

Property Details

Price $7,495,000
Status Active Listing
Beds 7
Full Baths 8
Half Baths 5
Living Area 11,300 sqft
Lot Size 37.00 acres (1,611,720 sqft)
Year Built 2001
Garage 7 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Paleface Homesteads
County Travis
Zip Code 78669
$/sqft $663/sqft
Days on Market ,
HOA $3,600/Annually
Annual Tax Est. ,
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT248956762
List Date October 6, 2026
Elementary School Marble Falls
Middle School Marble Falls
High School Marble Falls
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 →

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
$35,976/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
$1,499,000
20% conventional investment loan

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

Estimated Gross Rent+$35,976
Principal + Interest−$40,903
Property Tax (~2.1% TX avg)−$13,116
Insurance (~0.5%)−$3,123
Est. Monthly Cash Flow $-21,166

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 October 7, 2026.

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