4511 Island Cv, Austin, TX 78731

Value on Lake Austin. 4511 Island Cove is a remarkable waterfront estate set on over half an acre within The Island, one of Austin’s most coveted gated communities. An exquisite collaboration between Impact Design and Corias Homes, the residence features 5 bedrooms, 5 full bathrooms, and 1 half bath. A tranquil fountain welcomes you upon arrival, setting the tone for the Italian-inspired elegance found throughout the home. Ornate columns, graceful archways, and dramatic chandeliers create a sense of timeless sophistication. As you enter the home’s grand foyer you are welcomed by an esteemed double-height study adorned with rich wood finishes. The warm kitchen showcases wood-beamed ceilings, high-end stainless steel appliances, and a functional layout that opens to the main living area and dining room. Wine storage adds to the home’s entertaining appeal, while ample terraces and covered patios extend the living experience outdoors. The expansive primary suite serves as a private escape, featuring a double-sided fireplace, direct access to the backyard oasis, and a massive, spa-like bathroom. Outdoors, the serene grounds unfold toward the water, offering peaceful covered patios and multiple spaces to relax or entertain. A private hydraulic boat slip provides effortless access to Lake Austin living. Residents enjoy privacy, security, and a premier waterfront lifestyle just moments from downtown Austin. This exceptional property blends timeless architecture, thoughtful craftsmanship, and an unparalleled location to create a truly special retreat on the water. Tax and assessed values are estimates for illustration purposes only. All figures should be independently verified.

At $677 per square foot, 4511 Island Cv stands out as a rare Lake Austin waterfront buy in a gated stretch of Northwest Austin. In Lake Austin, this 7,760 square foot single family residence pairs direct water access with a 0.5258 acre lot, a combination that is hard to find this close to central Austin.

4511 Island Cv sits in Austin, TX 78731 in Travis County, with 5 bedrooms, 5 full baths, 1 half bath, a 3-car garage, two fireplaces, a pool, and waterfront positioning that shapes how the home lives day to day. Built in 1998, the house offers the scale many buyers want on Lake Austin without giving up a neighborhood setting. The lot size matters here. More than half an acre gives the house breathing room for outdoor living, guest parking, and a stronger sense of privacy than many waterfront properties closer to the core lake corridor.

For buyers asking what it is like to live here, the answer starts with access. This section of Austin is close to Mount Bonnell, Loop 360, and RM 2222, which keeps downtown Austin, The Domain, and Westlake employment centers within a practical drive. You are also near Lake Austin itself every day, not just for views but for boating, paddleboarding, and evenings outside by the water. The pool and covered outdoor areas support that lifestyle, and the waterfront setting adds long-term appeal that landlocked luxury homes cannot match.

The school path is another clear signal. The property is in Austin ISD, with Highland Park Elementary, Lamar Middle School, and McCallum High School serving the address. That matters for buyers who want an established central Austin school district with a defined feeder pattern. The 71 days on market may also create room for sharper negotiation than buyers usually see on prime waterfront inventory.

From a value standpoint, $5.25 million for a waterfront home of this size in Lake Austin deserves a close look. You are buying scale, land, water frontage, and a 78731 location tied to some of Austin’s most established roads and landmarks. For the buyer who wants Lake Austin access, a large private home, and staying power in one of Austin’s most proven luxury corridors, 4511 Island Cv offers a lifestyle that should hold relevance and value well into the future.

Lake Austin is Austin's most exclusive waterfront corridor - 22 miles of constant-level shoreline in 78732, 15 minutes from downtown. Waterfront homes start around $4M and trophy lots with 200+ feet of flat shoreline trade at $15M-$35M+. The lake is controlled by Tom Miller Dam, which maintains consistent water levels year-round - the key advantage over seasonal Lake Travis.

This is one of Austin's thinnest markets. Roughly 22 miles of total shoreline, and at any given time only 3-5 homes are actively listed. Many of the best lots trade privately through agent relationships before they ever reach the MLS. The finite supply creates a structural price floor that insulates Lake Austin from broader market cycles.

Buyers here want water access as daily life, not a weekend plan. Morning paddleboard, afternoon ski run, burgers at Ski Shores by boat, sunset from your own dock watching Hill Country ridgelines. The practical side matters too: you are inside Austin city limits with full services, 15 minutes from downtown, 10 from the Domain.

Four Seasons Private Residences is under development on 145 acres with 188 planned homes - the first significant new inventory since the lake was established. Eanes ISD and Leander ISD serve different sections of the corridor, both with strong school ratings.