— bed, — bath on 3.74 acres in Westlake Hills. Austin, TX 78746. $2,200,000. Eanes ISD.
About This Home
MAGICAL PROPERTY WITH BREATHTAKING CANYON VIEWS AND STUNNING WET WEATHER CREEK NO ZONING RESTRICTIONS. INVESTMENT/BUILDER OPPORTUNITY: Escape the ordinary and enter a realm of enchantment at 502 Grace Lane. Nestled in the Eanes Independent School District, this sprawling property boasts breathtaking canyon views and ancient forests. The possibilities are endless. The property itself is a wonderland. A comfortable 2500 sq ft main house offers a perfect sanctuary, while a charming duplex and a quaint guest house provide additional space or income potential. Cascading tiers lead down to a mesmerizing creek, all encompassed by pristine woodlands. This legal tract is a blank canvas for your vision. Whether you seek a sprawling estate, a community haven, or a source of income, the choice is yours. Since the 1970s, the property has enjoyed freedom from zoning restrictions, empowering you to shape its destiny. Multiple electric meters, a deep well, and potential for MUD districts ensure convenience and self-sufficiency. Three structures totaling 5000 sq ft await your arrival. 2500 sq ft home, 2 bed 1 bath duplex 1500 sq ft. and 500 sq ft guest house.
Westlake Hills is an incorporated city in Austin's 78746 ZIP code, five minutes west of downtown via Bee Caves Road. Eanes ISD - ranked #1 in Texas by Niche 2026 - draws most buyers. Median home price $2.4M, with estates from $1.2M updates to $10M+ hilltop compounds.
Roughly 1,000 total homes sit on wooded lots averaging half an acre to two acres, spread across the hills south of the Colorado River. Lost Creek, Davenport Ranch, The Oaks, and Bee Caves Woods each have a different character - from 1970s ranches on established lots to new-build Hill Country Contemporary estates with 20-foot ceilings and limestone facades.
The housing stock is in a generational transition. Original 1970s-80s ranch homes sell as teardowns at $1-2M for land alone, replaced by $3-8M contemporary builds. At any given time, 25-30 homes are actively listed. Inventory is tight, and a meaningful share of deals happen off-market through agent networks.
What defines daily life here: morning coffee at Swedish Hill, school drop-off at Eanes Elementary or Bridge Point, a trail run at Wild Basin Preserve, and dinner at Sway or Las Palomas without crossing MoPac. This is a quiet neighborhood built around schools and outdoor access, not nightlife or walkable retail. The people who live here chose it for exactly that trade-off.
School District: Eanes ISD
Westlake Hills luxury homes and neighborhood guide- Property Type
- Land
- Lot Size
- 3.74 acres
Listing information last updated November 2, 2026.
Listed by Christies Intl Real Estate Lone Star
MLS# 7216138 • Active
IDX inquiries: Keenan Group at Compass · (512) 415-7653
Highlights
Facts & Features
Exterior & Lot
- Greenbelt
- Native Plants
- Pie Shaped Lot
- Trees-Moderate
- Views
- Wood
- Lot Size
- 3.74 Acres
- Creek
- Dry
- Seasonal
Financial
- Original List Price
- $2,250,000
Utilities
- Electricity Connected
- Natural Gas Available
- Water Source
- See Remarks,Well
- Sewer
- Septic Tank
Transaction History
9 records on file
Every recorded listing, sale, and lease at 502 Grace LN, whoever represented it.
- ActiveListed 2026Current price: $2,200,000Original list: $2,250,000MLS 7216138
- Listed · July 15, 2026$2,250,000
- Price changed · July 22, 2026$2,200,000
- WithdrawnListed 2025Current price: $2,250,000Original list: $2,340,000MLS 7556083
- WithdrawnListed 2025Current price: $2,250,000Original list: $2,340,000MLS 7018863
- WithdrawnListed 2025Current price: $2,250,000Original list: $2,340,000MLS 4786732
- ExpiredListed 2024Current price: $2,340,000Original list: $2,350,000MLS 6317516
- ExpiredListed 2024Current price: $2,340,000Original list: $2,350,000MLS 5084395
- ExpiredListed 2023Current price: $2,350,000Original list: $3,000,000MLS 7523643
- ExpiredListed 2023Current price: $2,350,000Original list: $2,489,000MLS 5772219
- ExpiredListed 2023Current price: $2,500,000Original list: $3,000,000MLS 5720548
Prices shown are list prices. Closed sale prices are available to registered clients in accordance with ACTRIS rules.
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Price & Listing History
Listing timeline with current price, original ask, and market time.
- Current list
- $2,200,000
- Original list
- $2,250,000
- Price movement
- $50K reduction
- Listed / DOM
- Jul 15, 2026 · 112 days
Virtual Tour
Zoned Schools
Westlake
West Ridge
Forest Trail
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.
Excluded from this estimate: property taxes, home insurance, and HOA dues. Each requires verified amount, cadence or unit, source, and as-of details.
Illustrative down payment
20% ($440K)
Adjustable assumption - not a lending recommendation.
Home price
$2,200,000
Loan details
Luxury property intelligence
Keenan Market Position
A sourced read on Westlake Hills pricing, timing, and property scale. No automated valuation claim.
List price
$2,200,000
Price per sqft
Not available
Vs. Neighborhood guide reference price
+17.3%
$1.9M · Westlake Hills neighborhood guide · reference price
Days on market
112 days
Original to current
$50K reduction
$2.3M original
Active inventory context
113 listings
Price Position in Westlake Hills
Listed 17% above the Westlake Hills neighborhood guide reference price. Westlake Hills neighborhood guide · reference price.
Source: MLS Grid / Unlock MLS and Keenan Group review as of Nov 3, 2026.
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Westlake Hills Neighborhood Guide
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Westlake Hills Homes for Sale
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78746 ZIP Guide
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Eanes ISD Schools
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