Ed Neuhaus 
Lakeway has more neighborhoods than any other Hill Country city, and that is both a blessing and a problem for buyers. The blessing is choice. The problem is that not all Lakeway neighborhoods are created equal, and the difference between a home in Old Lakeway versus The Hills versus a brand new MUD development can feel like you are buying in three completely different towns.
I have been selling homes in Lakeway since 2009, and I can tell you right now that the biggest mistake buyers make is treating all Lakeway neighborhoods as interchangeable. They are not. Some have real lake access. Some claim lake access but really mean you can walk to a community park with a view. Some have golf. Some have no MUD taxes because the bonds were paid off decades ago. Some have MUD taxes that will cost you $3,500 a year for the next 20 years.
This guide breaks down the best neighborhoods in Lakeway by what YOU actually care about. Not alphabetically. Not by zip code. By whether you want waterfront living, golf lifestyle, family-friendly amenities, luxury estates, or the best value for your money.
Lets get into it.
The Lakeway Neighborhood Reality Check
Before we dive into specific neighborhoods, you need to understand three things about Lakeway real estate that most buyers do not figure out until after they close.
1. Lake Access Does Not Mean What You Think It Means
Every Lakeway listing says “lake access” or “Lake Travis lifestyle.” But there is a massive difference between owning a home with a private dock on deep water versus living in a neighborhood that has a community boat ramp you share with 400 other families. And there is an even bigger difference between that and a neighborhood where “lake access” means you can drive 10 minutes to a public park.
Real lake access means one of three things: private dock on your property, deeded boat slip at a private marina, or a small community with its own functional boat ramp and day docks that are not a zoo on weekends. Everything else is marketing.
2. MUD Taxes Are a Huge Cost of Ownership Difference
Newer developments in Lakeway come with MUD taxes. MUD stands for Municipal Utility District, and it is how developers finance roads, water, sewer, and other infrastructure in new communities. You pay for it through property taxes for 20 to 30 years until the bonds are paid off.
On a $900,000 home, MUD taxes can run $2,800 to $3,500 per year. On top of your regular property taxes. On top of HOA fees. That is real money, and it adds up fast.
Old Lakeway neighborhoods do not have MUD taxes because the infrastructure was paid for decades ago. So even though a home in an older neighborhood might need a kitchen remodel, your annual cost of ownership can be thousands of dollars lower than a brand new home in a MUD district.
3. Lakeway Is Really Three Different Towns
When people say “Lakeway,” they usually mean one of three areas:
- Old Lakeway: The original 1960s and 1970s development around Lakeway Country Club. Mature trees, no MUD taxes, aging housing stock, lower HOA fees. Homes here feel established and quiet.
- The Hills of Lakeway: The guard-gated golf community built in the 1990s and 2000s. 72 holes of golf, tennis, resort-style amenities, higher HOA fees. This is where the country club lifestyle happens.
- Newer Developments: Rough Hollow, Serene Hills, Lakeway Highlands, Flintrock Falls. Built in the last 15 to 20 years. Modern floor plans, higher price points, MUD taxes, resort-style community amenities. These neighborhoods feel brand new because they are.
Each area has a completely different vibe, cost structure, and buyer profile. You need to know which one fits your lifestyle before you start looking at houses.
Best Lakeway Neighborhoods for Waterfront Living
If you want real lake access, here are the neighborhoods that actually deliver.
Rough Hollow
Price Range: $800K to $3M+
HOA: ~$5,928/year (varies by section)
MUD Taxes: Yes, approximately $2,800 to $3,500/year on a $900K home
Lake Access: Private marina with 80 slips, community boat ramp, some homes with private docks
Rough Hollow is the most resort-like community in Lakeway. The marina is at mile marker 21 on Lake Travis, which means deep water even in drought years. You get access to pools, lazy river, fitness center, and miles of hike and bike trails. The homes are newer construction, mostly built in the last 10 to 15 years, with modern open floor plans and Hill Country views.
The catch is cost. Between HOA fees and MUD taxes, you are looking at $8,000 to $9,000 per year in additional costs before you factor in property taxes and maintenance. That is not a deal breaker for most buyers here, but you need to go into it with your eyes open.
Who this is great for: Buyers who want a resort lifestyle and modern construction, and who plan to actually use the lake. If you are going to own a boat and spend weekends on the water, Rough Hollow delivers.
Who should skip it: Anyone who does not care about the amenities. You are paying for them whether you use them or not. If you just want a nice house and do not need the yacht club vibe, there are better values elsewhere.
Waterford on Lake Travis
Price Range: $1.5M to $4M+
HOA: Varies by lot
MUD Taxes: No
Lake Access: Many homes with private docks and waterfront lots
Waterford is a gated waterfront community off Lohman’s Ford Road between Lago Vista and Point Venture. This is true waterfront living. Many homes here sit on large acreage lots with private docks and deep water access. The marina offers 80 boat slips ranging from 28 to 36 feet, and the location at mile marker 21 means you have some of the most consistent water levels on Lake Travis.
The homes are custom estates, not production builds. You get privacy, acreage, and real waterfront. This is not a neighborhood where you wave to your neighbor from 10 feet away. It is a neighborhood where your neighbor is 200 yards away and you may not see them for weeks.
Who this is great for: Buyers who want a true waterfront retreat and value privacy over community amenities. This is the neighborhood for people who want their own dock, their own acreage, and no shared anything.
Who should skip it: Families with young kids looking for a neighborhood full of playdates. Waterford is quiet and spread out. If you want a sense of community and neighbors close by, this is not it.
Lake Pointe
Price Range: $600K to $1.2M
HOA: ~$1,200 to $1,800/year
MUD Taxes: No
Lake Access: Community boat ramp and day docks
Lake Pointe is one of the first master-planned communities in the Bee Cave area, and it offers something rare: functional lake access without the resort price tag. Residents have access to a private waterfront park with boat launches and day docks. It is not as fancy as Rough Hollow or Waterford, but it is real lake access that you can actually use.
The homes here are older, mostly built in the 1990s and early 2000s, which means you get mature landscaping and no MUD taxes. The HOA fees are reasonable compared to newer developments. You also get Lake Travis schools, which is a big draw for families.
Who this is great for: Families who want lake access without paying resort prices. Lake Pointe delivers solid value and a real sense of community without the luxury price tag of Rough Hollow or Waterford.
Who should skip it: Buyers who want brand new construction and modern amenities. The housing stock here is aging, and while the bones are solid, you may need to budget for updates.
Lakeway Waterfront Streets
Price Range: $1M to $4M+
HOA: Varies (some streets have no HOA)
MUD Taxes: No
Lake Access: Private docks on waterfront lots
Old Lakeway has a handful of streets with direct waterfront lots and private docks. These are not part of a master-planned community. They are individual homes on Lake Travis with their own docks, no HOA, and no shared amenities. You buy the house, you buy the dock, and you do what you want.
The downside is that waterfront inventory in Old Lakeway is extremely limited. When these homes come on the market, they sell fast. You also need to be prepared for older home construction. Many of these homes were built in the 1970s and 1980s, and while the lots are incredible, the houses may need significant updates.
Who this is great for: Buyers who want waterfront without HOA rules and who do not mind renovating. If you want a waterfront lot with no one telling you what color you can paint your house, this is it.
Who should skip it: Anyone who wants turnkey. These homes almost always need work, and if you are not ready to invest in updates, you will be frustrated.
Best Lakeway Neighborhoods for Golf Lifestyle
If golf is your thing, Lakeway has options. But membership costs and HOA fees vary widely.
Flintrock Falls
Price Range: $800K to $1.8M
HOA: ~$4,200/year
MUD Taxes: No
Golf: Access to 72 holes (Flintrock Falls + The Hills courses)
Flintrock Falls is a gated golf community built around an 18-hole Jack Nicklaus design course. A membership at Flintrock Falls also includes access to The Hills of Lakeway courses, which gives you 72 total holes of golf. The community has a country club feel without the aging housing stock you find in some older golf neighborhoods.
The big advantage here is no MUD taxes. You have higher HOA fees than some newer developments, but you are not paying $3,000 a year in MUD taxes on top of it. The homes are well-built, and the community has a sense of exclusivity and safety with 24/7 gated access.
Who this is great for: Serious golfers who want access to multiple courses and do not mind paying for it. Flintrock Falls is also great for buyers who want a gated community feel without the resort amenity overload.
Who should skip it: Non-golfers. If you do not play golf, you are paying for amenities you will never use. There are better values in Lakeway for people who do not care about country club access.
The Hills of Lakeway
Price Range: $400K to $1.5M
HOA: Varies by section
MUD Taxes: No
Golf: 72 holes, 26 tennis courts, pools, fitness center
The Hills of Lakeway is the original guard-gated golf community in the area. It is massive, with over 600 homes and four golf courses. You get 24/7 gated security, resort-style amenities, and a real sense of community. The homes range from smaller patio homes in the mid $400Ks to large custom estates over $1M.
The advantage here is variety. You can find something at almost any price point, and the community has been around long enough that you get mature landscaping and established neighborhoods. The disadvantage is that the older sections of The Hills are showing their age. Some homes need updates, and HOA rules can be strict.
Who this is great for: Golfers, retirees, and families who want a guard-gated community with resort amenities. The Hills appeals to a wide range of buyers because of the price range and the sense of security.
Who should skip it: Buyers who want modern construction and open floor plans. Many of the homes in The Hills were built in the 1990s and early 2000s, and the floor plans reflect that era. If you want the latest trends in home design, look at newer developments.
Lakeway Country Club Area
Price Range: $500K to $1.5M
HOA: Varies (some neighborhoods have no HOA)
MUD Taxes: No
Golf: Lakeway Country Club membership available (not mandatory)
Old Lakeway was built around Lakeway Country Club, which has two 18-hole courses: Live Oak and Yaupon. The neighborhoods around the country club are mature, with homes built in the 1960s, 1970s, and 1980s. You get large lots, mature trees, and no MUD taxes.
The catch is that many of these homes need significant updates. Kitchens, bathrooms, and HVAC systems are often original to the house, which means you need to budget for renovations. But if you are willing to put in the work, you can get a great lot in a prime location for less money than a new build in a MUD district.
Who this is great for: Buyers who want to renovate and who value location over turnkey condition. If you can see past the dated finishes and focus on the lot and the cost of ownership, this is where you find value.
Who should skip it: Anyone who wants move-in ready. These homes almost always need work, and if you are not prepared for that, you will regret it.
Best Lakeway Neighborhoods for Families
If you have kids and want a neighborhood full of other families, these are your best bets.
Serene Hills
Price Range: $900K to $2M+
HOA: Varies by section
MUD Taxes: Yes, approximately $2,800/year on a $900K home
Schools: Lake Travis ISD
Serene Hills is a newer master-planned community with modern homes, larger lots, and miles of trails. The neighborhood attracts young families and tech workers relocating from California and the coasts. You get contemporary architecture, open floor plans, and a real sense of community.
The downside is MUD taxes. On a $900K home, you are looking at close to $3,000 a year in MUD taxes on top of HOA fees and regular property taxes. But if you want new construction and a family-friendly vibe, Serene Hills delivers.
Who this is great for: Families with kids who want a neighborhood full of playdates and outdoor space. Serene Hills is also great for buyers who want modern homes without the resort amenities and high fees of Rough Hollow.
Who should skip it: Empty nesters and retirees. This is a young neighborhood full of kids and energy. If you want quiet and low maintenance, look elsewhere.
Lakeway Highlands
Price Range: $800K to $2M
HOA: $494/month in some sections (includes yacht club membership)
MUD Taxes: Yes, Travis County MUD #12 tax rate is 0.48%
Schools: Lake Travis ISD
Lakeway Highlands is part of the Rough Hollow master plan, and it offers newer construction with modern amenities. Some sections include yacht club membership as part of the HOA, which is a nice perk if you plan to use the lake.
The community is family-friendly, with parks, trails, and pools. You get Lake Travis schools, which is a major draw for families relocating from out of state. The homes are well-built, and the neighborhood has a sense of newness that appeals to buyers who want turnkey.
Who this is great for: Families who want new construction, resort amenities, and Lake Travis schools. Lakeway Highlands is also great for buyers who want yacht club access without buying a waterfront lot.
Who should skip it: Budget-conscious buyers. Between HOA fees and MUD taxes, the annual cost of ownership here is high. If you are stretching to afford the house, the fees will hurt.
Ridge at Alta Vista
Price Range: $600K to $1M
HOA: Low to moderate
MUD Taxes: Varies
Schools: Lake Travis ISD
Ridge at Alta Vista is a quieter family neighborhood that does not get as much attention as Rough Hollow or Serene Hills, but it offers solid value. The homes are newer, the lots are decent-sized, and you get Lake Travis schools without the resort price tag.
The community has a more low-key vibe than some of the bigger master-planned developments. You get parks and trails, but not lazy rivers and yacht clubs. For families who want a good school district and a safe neighborhood without paying for amenities they will not use, this is a great option.
Who this is great for: Families who want Lake Travis schools and a sense of community without the high fees of Rough Hollow or Lakeway Highlands.
Who should skip it: Buyers who want resort amenities and a luxury feel. Ridge at Alta Vista is a solid neighborhood, but it does not have the wow factor of some of the bigger developments.
Best Lakeway Neighborhoods for Luxury and Estates
If you want space, privacy, and high-end finishes, these neighborhoods deliver.
Bella Montagna
Price Range: $1.2M to $3M+
HOA: Varies
MUD Taxes: Varies by lot
Lot Size: Large estate lots with Hill Country views
Bella Montagna is a private gated community with custom-built luxury estates. The homes here sit on large lots with panoramic views of Lake Travis and the Hill Country. This is not a neighborhood where you buy a production home from a builder. These are custom estates with high-end finishes, expansive outdoor living spaces, and privacy.
The community is small and exclusive. You get gated access and a sense of seclusion without feeling isolated. The homes are built for entertaining, with chef’s kitchens, infinity pools, and outdoor living spaces that take advantage of the views.
Who this is great for: Buyers who want a custom estate with Hill Country views and do not want to deal with the HOA restrictions of a large master-planned community.
Who should skip it: Buyers who want resort amenities and a sense of community. Bella Montagna is quiet and private, which is great if that is what you want, but it does not have the pools, fitness centers, and social vibe of Rough Hollow or The Hills.
Arbolago
Price Range: $1.5M to $4M+
HOA: Low to moderate
MUD Taxes: No
Lot Size: Estate-sized lots, many with lake views
Arbolago is a small, private enclave just north of Lakeway with easy access to Lake Travis and the Lakeway Marina. The community has a private homeowner’s park, and many of the homes offer lakefront or hillside views. The homes are luxury custom builds on large lots, and the neighborhood has a quiet, secluded feel.
This is a neighborhood for buyers who want space and privacy. The lots are large, the homes are custom, and the sense of exclusivity is real. You are not buying a cookie-cutter home here. You are buying a one-of-a-kind estate.
Who this is great for: Buyers who want a custom estate with lake proximity and do not need community amenities. Arbolago is great for people who value privacy and space over resort-style living.
Who should skip it: Families with young kids looking for a neighborhood full of playdates. Arbolago is quiet and spread out, and you will not have the same sense of community you get in Serene Hills or Lakeway Highlands.
Cardinal Hills
Price Range: $700K to $1.5M
HOA: Moderate
MUD Taxes: Varies
Lot Size: Large lots with Hill Country views
Cardinal Hills offers a mix of new construction and established homes on large lots. The neighborhood has a mix of custom builds and semi-custom homes from quality builders. You get spacious homes, large lots, and easy access to Austin, all without the high fees of some of the other luxury communities.
The neighborhood is family-friendly and appeals to buyers who want space and quality construction without the resort amenities. The homes here are well-built, and the lots are large enough for pools and outdoor living.
Who this is great for: Families who want a spacious home on a large lot with easy access to Austin. Cardinal Hills offers affordable luxury without the high fees of Rough Hollow or Bella Montagna.
Who should skip it: Buyers who want waterfront or golf course access. Cardinal Hills is a solid neighborhood, but it does not have the lake or golf amenities of some of the other luxury communities.
Best Value Neighborhoods in Lakeway
If you want to live in Lakeway without paying luxury prices, these neighborhoods offer the best bang for your buck.
North Lakeway Village
Price Range: $300K to $600K
HOA: ~$72/month
MUD Taxes: No
Property Type: Attached condos and townhomes
North Lakeway Village is a suburban community with modern attached condominiums. The community includes Pinnacle at North Lakeway and Overlook at North Lakeway, and it offers low-maintenance living with reasonable HOA fees.
This is the entry point into Lakeway for buyers who want Lake Travis schools and a Lakeway address without paying $800K for a single-family home. You get access to parks, trails, and community amenities, and the location is convenient to shopping and dining.
Who this is great for: First-time buyers, empty nesters, and anyone who wants low-maintenance living in Lakeway. North Lakeway Village is also great for buyers who want Lake Travis schools without the high price tag of Rough Hollow or Serene Hills.
Who should skip it: Buyers who want a yard and privacy. These are attached condos, which means shared walls and small outdoor spaces. If you want a big yard and no neighbors, look elsewhere.
Older Lakeway Neighborhoods (1960s-1980s)
Price Range: $500K to $900K
HOA: Varies (many neighborhoods have no HOA)
MUD Taxes: No
Property Type: Single-family homes on mature lots
Old Lakeway has dozens of small neighborhoods with homes built in the 1960s, 1970s, and 1980s. These neighborhoods do not have fancy names or marketing campaigns, but they offer something valuable: low cost of ownership.
No MUD taxes. Low or no HOA fees. Mature trees. Large lots. The downside is that the homes are aging, and many need updates. Kitchens are often original. HVAC systems are past their useful life. But if you are willing to renovate, you can get a great lot in a prime location for significantly less than a new build in a MUD district.
Who this is great for: Buyers who want to renovate and who understand the long-term value of low cost of ownership. If you can see past the dated finishes and focus on the lot and the location, this is where you find deals.
Who should skip it: Anyone who wants turnkey and does not want to deal with contractors. These homes almost always need work, and if you are not prepared for that, you will be frustrated.
The Lakeway Neighborhood Rankings
Here is how I rank the best Lakeway neighborhoods by category, based on 15 years of selling homes in this market.
Best for Waterfront Living
- Waterford on Lake Travis – True waterfront estates with private docks and deep water
- Rough Hollow – Private marina, resort amenities, newer construction
- Lakeway Waterfront Streets – Private docks, no HOA, but limited inventory
- Lake Pointe – Community boat ramp and lake access at a lower price point
Best for Families
- Serene Hills – Modern homes, family-friendly vibe, trails and outdoor space
- Lakeway Highlands – New construction, Lake Travis schools, resort amenities
- Lake Pointe – Solid value, real lake access, established community
- Ridge at Alta Vista – Good schools, safe neighborhood, lower fees
Best Value
- Old Lakeway Neighborhoods – No MUD taxes, low HOA, mature lots (but needs updates)
- North Lakeway Village – Entry-level pricing, condos and townhomes
- Lake Pointe – Functional lake access without resort prices
- Lakeway Country Club Area – Large lots, no MUD, golf access (but older homes)
Best for Golf Lifestyle
- Flintrock Falls – Jack Nicklaus course, access to 72 holes, no MUD
- The Hills of Lakeway – 72 holes, guard-gated, resort amenities
- Lakeway Country Club Area – Two 18-hole courses, mature lots, lower cost of ownership
Best for Luxury
- Waterford on Lake Travis – True waterfront estates with privacy and acreage
- Arbolago – Custom estates, lake proximity, quiet and secluded
- Bella Montagna – Gated luxury estates with Hill Country views
- Rough Hollow (high end) – Modern luxury with resort amenities
Best for Retirees
- The Hills of Lakeway – Guard-gated, resort amenities, low maintenance options
- North Lakeway Village – Low-maintenance condos, no yard work
- Flintrock Falls – Golf, gated, quiet, and established
- Old Lakeway Neighborhoods – Quiet, mature, low cost of ownership
The Bottom Line on Lakeway Neighborhoods
Lakeway is not one market. It is a collection of neighborhoods with wildly different price points, cost structures, and buyer profiles. The biggest mistake I see buyers make is treating all Lakeway neighborhoods as interchangeable. They are not.
If you want waterfront, you need to decide if you want resort amenities or privacy. If you want golf, you need to decide if you are willing to pay for it with higher HOA fees and membership costs. If you want new construction, you need to budget for MUD taxes. If you want value, you need to be willing to renovate.
The best neighborhood for you depends on what you actually care about. Not what sounds good in a listing description. What you will actually use and pay for over the next 10 years.
I have been selling homes in Lakeway since 2009, and I can tell you right now that the buyers who are happiest five years later are the ones who were honest with themselves upfront about what they wanted. The buyers who regret their purchase are the ones who bought based on what sounded good instead of what actually fit their lifestyle.
So before you start touring homes, figure out what matters to you. Lake access or golf. New construction or lower cost of ownership. Resort amenities or privacy. Once you know that, finding the right neighborhood is easy.
Want help figuring out which Lakeway neighborhood fits your lifestyle and budget? Reach out to Ed Neuhaus for an honest conversation about what makes sense for your situation. I have been working this market long enough to know which neighborhoods deliver on their promises and which ones are all marketing.
