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Villa La Vita e’ Bella – Gated Waterfront Escape on 5 Acres with Ag Exemption Welcome to House of the Good Life, a rare, private gated waterfront estate where 318 feet of shoreline, panoramic water views, and unforgettable sunsets create an extraordinary setting for refined living and effortless entertaining, all complemented by a remarkably low 1.3233% agricultural exempt tax rate. Set on 5 pristine, park-like acres within an exclusive gated community, this Mediterranean-inspired sanctuary offers an exceptional blend of luxury, serenity, and lifestyle amenities. Ideally positioned for both seclusion and convenience, with easy access to Marble Falls, Lago Vista, Liberty Hill, Cedar Park, and Leander. The 5,611 square foot property reflects timeless architecture and relaxed elegance with 5 bedrooms, featuring three fireplaces, expansive living areas, and seamless indoor–outdoor flow. A chef's kitchen anchors the home, opening to generous gathering spaces designed for entertaining on any scale. Walls of windows capture breathtaking lake and landscape vistas, while a brand-new 2025 roof adds lasting peace of mind. Outdoors, the covered patio invites year-round enjoyment, from tranquil Hill Country mornings to sunset evenings, enhanced by an impressive 18-ft, 2,000-gallon swim spa. Complementing the main home, a charming 2-bedroom guest house includes a temperature-controlled wine room and a versatile bonus space currently serving as an art studio — ideal for creative pursuits, a gym, or private office. An additional powered workshop supports hobbies, projects, or storage. Designed for both recreation and functionality, the grounds feature dual water sources, EV connection, RV hookup, and a private air-conditioned boathouse with boat lift and jet ski ramp. With expansive acreage, significant waterfront, and ag-exempt status supported by grazing Longhorns, this one-of-a-kind estate invites you to live beautifully and experience the good life.
Property Type
Residential
Year Built
2007
Lot Size
5.00 acres
$/Sq Ft
$480
HOA
$750/mo
Garage
5 spaces
Pool
Yes
Listed by Kuper Sotheby's Int'l Realty
Verified property facts
481 Chimney Cove Dr is listed at $2,695,000 with 5 bedrooms, 4 full, 1 half bathrooms, 5,611 square feet, 5.00-acre lot. This places it above the 78654 median of $1,325,000.
481 Chimney Cove Dr is zoned for Marble Falls ISD with assigned schools: Colt (elementary), Marble Falls (middle), Marble Falls (high). School assignments should be verified directly with the district.
481 Chimney Cove Dr is a Residential built in 2007 featuring 5 bedrooms, 4 full, 1 half bathrooms, 5,611 square feet, 5.00-acre lot.
481 Chimney Cove Dr is presented by the Keenan Group at Compass Real Estate, the #1 Austin Board of Realtors Team (2024) with 1,000+ career transactions and $1B+ in career volume across Austin's luxury market.
The most recent annual property tax for 481 Chimney Cove Dr is $16,605. Texas has no state income tax, so property taxes are a primary revenue source. Rates vary by jurisdiction and exemptions. Verify current amounts with the county appraisal district.
#1 Austin Board of Realtors Team. Over 1,000 successful transactions with high-end expertise.
25+ years advising buyers and sellers in this community
Property Details
Features
Appliances
Flooring
Features
Construction
Lot Features
Fencing
Foundation
Patio / Porch
Parking
Listing timeline with current price, original ask, and market time.
Marble Falls ISD
Zoned assignments come from the property school fields available to us. District context schools are shown only when an assigned tier is missing. Contact the school district directly to verify current boundaries and enrollment eligibility.
20% ($539K)
$2,695,000
Luxury property intelligence
A sourced read on Chimney Cove Estates pricing, timing, and property scale. No automated valuation claim.
List price
$2,695,000
Price per sqft
$480/sqft
Vs. Chimney Cove Estates median
Not available
Days on market
95 days
Original to current
$130K reduction
$2.8M original
Active inventory context
Ask for current inventory
Source: MLS Grid / Unlock MLS and Keenan Group review as of Jun 1, 2026.
Request Private Market AnalysisZIP-level neighborhoods, schools, lifestyle, and Austin market context
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Pricing, prep, launch timing, and Compass marketing strategy
#1 ABOR Team 2024 with $1B+ career sales volume
With 20% down ($539,000) on a 30-year fixed mortgage at approximately 6.75%, the estimated monthly payment for 481 Chimney Cove Dr is around $15,368 including principal, interest, and estimated taxes. Actual payment varies by rate, down payment, insurance, and HOA fees.
At $2,695,000, 481 Chimney Cove Dr is in the Chimney Cove Estates market where there are currently 187 active listings in 78654. The Keenan Group has completed 1 transactions in 78654 as part of 1,000+ career sales totaling $1B+ across Austin.
481 Chimney Cove Dr includes verified waterfront access. Buyers should confirm shoreline, dock rights, and floodplain status during due diligence.
481 Chimney Cove Dr sits on a 5.00-acre lot, providing substantial outdoor living space. Properties of this scale in Austin's luxury market typically feature pool areas, outdoor kitchens, and mature landscaping. Confirm specific amenities with the listing agent.
481 Chimney Cove Dr is part of a managed community with HOA dues of $750 annually. HOA-managed communities in Austin's luxury market typically provide amenities such as common areas, security, and exterior maintenance. Verify current dues and rules with the HOA directly.
Answers use visible listing facts, school context, and neighborhood data available on this page. Verify time-sensitive details before making decisions.
2 events on record
Current Price
$2,825,000
Timeline data compiled from MLS records and public records. Information deemed reliable but not guaranteed.
Timeline merges MLS activity (when permitted) with public records. Some details may be restricted to registered VOW clients.
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