$650,000
3 bd · 3 ba · 2,000 sqft
517 Dragon, Lakeway, TX 78734
517 Dragon, Lakeway, TX 78734 is a 3-bedroom, 3-bathroom single family residence listed at $650,000 ($325/sqft). 2,000 sqft. Built in 1976. Located in Lakeway, Austin TX. Priced 15% above the Lakeway median of $282/sqft. MLS #3685546. Listed by The Marye Company.
Property Overview
This nearly one-acre Dragon Street property in Lakeway presents a rare blank canvas in one of Austin's most coveted waterfront communities. The home has been stripped to its structural bones, revealing impressive vaulted beamed ceilings and a striking stone fireplace that showcase the original architecture's quality and scale. Lake Travis views frame the mature Hill Country oaks dotting the expansive 42,849-square-foot lot, positioning this as an exceptional renovation opportunity or new construction site in an established neighborhood defined by custom estates and resort-style living.
Beyond the primary residence potential, the .98-acre lot offers significant development flexibility with the possibility to subdivide or re-plat into two separate parcels, subject to county approval. Located in Lakeway's prestigious corridor, the property sits minutes from marina access, championship golf courses, and waterfront dining establishments that define the area's distinctive lifestyle. Whether envisioning a fully customized renovation honoring the home's bones or capitalizing on the development potential, this Dragon Street opportunity delivers the space, views, and location that discerning buyers seek in the Lake Travis market.
Vox Real Estate Insight
At $325 per square foot, this listing sits 14 percent above the Lakeway area median, a premium justified by the waterfront views, substantial lot size, and development optionality that rarely become available in this established enclave. The subdivision potential alone sets this property apart as a strategic acquisition for builders and investors seeking Lake Travis proximity in one of Austin's most sought-after resort communities.
Agent Description
Rare opportunity on nearly an acre with Lake Travis views! Home has been taken down to the studs — a blank canvas to customize the interior to your vision. Vaulted beamed ceilings and a stone fireplace showcase the home's great bones and scale. Total lot size is .98 acres, offering the potential to subdivide or re-plat back into two separate lots (buyer to verify with county/municipality). Enjoy Lake Travis views amid mature Hill Country oaks in an established neighborhood of custom homes. A unique chance to renovate, build new, or capitalize on the double-lot potential in this prime location.
Neighborhood: Lakeway
This property is located in Lakeway, Austin, TX. The area is known for Lake Travis Living, Marina Access, Golf Courses, Waterfront Dining, Resort Lifestyle.
At $325/sqft, this listing is priced 15% above the Lakeway median of $282/sqft.
Property Details
| Property Type | Single Family Residence |
| Year Built | 1976 |
| Bedrooms | 3 |
| Bathrooms | 3 |
| Living Area | 2,000 sqft |
| Lot Size | 0.98 acres |
| Price / Sqft | $325 |
| Stories | One |
| Subdivision | Lakeway Sec 03 |
| County | Travis |
| MLS Area | LS |
| Listed | Aug 10, 2026 |
| MLS # | 3685546 |
| Listed By | The Marye Company |
Interior
| Flooring | Wood |
| Windows | Aluminum Frames |
| Fireplaces | 1 (Family Room) |
| Laundry | In Garage |
| Main-Level Bedrooms | 3 |
Systems & Utilities
| Utilities | Electricity Connected, Phone Available, Water Connected |
| Water Source | MUD |
Exterior & Lot
| Construction | Masonry – Partial, Wood Siding |
| Roof | Metal |
| Foundation | Slab |
| Exterior Features | No Exterior Steps |
| Patio & Porch | Deck, Patio |
| Lot Features | Native Plants, Near Golf Course, Open Lot, Split Possible, Trees-Medium (20 Ft - 40 Ft) |
| View | Lake, River |
| Faces | South |
Parking
| Parking Spaces | 4 |
| Garage Spaces | 2 |
| Parking Features | Carport |
Community & HOA
| HOA | No |
| Community Features | Airport/Runway, Cluster Mailbox, Golf, Park, Playground, Trail(s) |
Assigned Schools
| Elementary | Serene Hills |
| Middle | Hudson Bend |
| High | Lake Travis |
| District | Lake Travis ISD |
Taxes & Legal
| Tax Year | 2026 |
| Annual Tax | $12,035 |
| Assessed Value | $559,179 |
| Parcel # | 01418012230000 |
| Legal Description | LOT 310A LAKEWAY SEC 3 AMENDED PLAT OF LOTS 310&311 |
| FEMA Flood Plain | No |
| In ETJ | No |
| Disclosures | Seller Provided Survey Available |
| Listing Conditions | Standard |
Listing data last updated:
Frequently Asked Questions
What is the listing price of 517 Dragon, Lakeway, TX 78734?
This property is listed at $650,000, which is $325 per square foot. That is 15% above the Lakeway area median of $282/sqft.
How many bedrooms and bathrooms does 517 Dragon, Lakeway, TX 78734 have?
This home has 3 bedrooms and 3 bathrooms, with 2,000 square feet of living space.
When was 517 Dragon, Lakeway, TX 78734 built?
This property was built in 1976, making it 50 years old.
What neighborhood is 517 Dragon, Lakeway, TX 78734 in?
This property is in Lakeway, Austin, TX. The area is known for lake travis living, marina access, golf courses.
How long has 517 Dragon, Lakeway, TX 78734 been on the market?
This listing has been on the market for 2 days. This is a recent listing.
What type of property is 517 Dragon, Lakeway, TX 78734?
This is a Single Family Residence on a 42,849.97 sqft lot.