Lake LBJ Condo & Townhome Statistics
| Average Price | $872K |
|---|---|
| Lowest Price | $245K |
| Highest Price | $2.3M |
| Lake LBJ Condo & Townhome Listings | 50 |
| Avg. Price/SQFT | $531 |
Property Types (active listings)
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Why Buy a Condo or Townhome on Lake LBJ
Five buyer types account for almost every waterfront condo and townhome sale I write:
Second-home buyers who live in Austin, Houston, or Dallas and want a weekend place without the maintenance overhead of a single-family home.
Retirees who want to downsize into something lock-and-leave so they can travel half the year.
Investor-owners who want short-term rental income without the liability of a standalone property. Peak-season Horseshoe Bay rentals run $400–$1,200 a night depending on size and view.
First-time lake buyers who want exposure to Lake LBJ at an accessible price before stepping up to a full waterfront home.
Resort-lifestyle buyers who want golf, marina, restaurants, and spa at walking distance, Horseshoe Bay Resort access is the anchor for this group.
Condo vs. Townhome on Lake LBJ - What's the Difference
The two terms get used interchangeably in casual conversation, but they're different legal and financial structures:
Condo - You own the interior of your unit plus an undivided interest in the common areas. The HOA owns the building's exterior, roof, and grounds. Your insurance covers interior only. Typical of stacked-unit buildings and the majority of the waterfront inventory in Horseshoe Bay.
Townhome - You own the unit and the land it sits on, including the roof and often a small yard. HOA maintains common areas but usually not your individual structure. You carry full property insurance. Typical of side-by-side attached units.
Which one is right depends on how involved you want to be in maintenance decisions. Condo buyers are voting their HOA; townhome owners are maintaining their own roof on a shared wall.
Where Most of the Inventory Is
Lake LBJ waterfront condo and townhome inventory is heavily concentrated in Horseshoe Bay. That's because the resort community was planned with multi-family waterfront in mind from the start, marina-access townhomes, lakefront condo towers, and clusters around the resort.
Specific communities worth knowing:
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The Cape at Horseshoe Bay - Waterfront condos with marina and slip access, tight to the resort core.
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Lighthouse Drive condos - Lakefront units with sweeping south-shore views.
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Hi Circle - Townhome clusters with private boat slips.
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Island Drive - Small-format condos tucked into peninsula settings.
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The Waters at Horseshoe Bay - Waterfront-adjacent townhomes with shared amenities.
A smaller slice of the inventory sits outside Horseshoe Bay - in Marble Falls, and occasionally in Kingsland or Granite Shoals, typically at lower price points but with fewer amenities.
View all Horseshoe Bay waterfront condos & townhomes
What to Look at in the HOA Before You Offer
This is the single most-skipped step in condo and townhome purchases, and the one that costs buyers the most later. Every offer I write includes a diligence period for HOA documents. What I review:
Monthly or quarterly dues. The headline number. Ranges from about $200/month for small-format condos to $1,000+/month for full-service waterfront buildings.
What the dues cover. Water, sewer, trash, pool, clubhouse, marina, insurance (master policy), exterior maintenance, landscaping, reserve contributions. Not all HOAs cover all of these - read the line items.
Reserve fund balance. An underfunded reserve means a special assessment is coming. Look at recent reserve studies. If there's a major building system (elevator, roof, bulkhead, boat dock) nearing end of life and the reserve doesn't cover it, that's a future bill with your name on it.
Recent and pending special assessments. If the HOA recently levied a $20K-per-unit assessment for roof replacement, you want to know before closing - not after.
Short-term rental rules. Some buildings allow nightly rentals, some restrict to 30-day minimums, some ban rentals entirely. This determines whether your investment math works.
Pet rules. Weight limits, breed restrictions, or outright bans. Miss this and you close on a place you can't bring the dog to.
Rental cap. Many HOAs cap the percentage of units that can be rentals at any time. If you're an investor and the cap is already hit, you're on a waitlist.
Pending litigation. HOA in a lawsuit = mortgage lenders get nervous = resale problems. Standard disclosure document should surface this.
Meeting minutes from the last 12 months. The minutes tell you what the community actually argues about. Roof leaks that haven't been fixed, contractor disputes, neighbor complaints - all visible here.
Boat Slips and Waterfront Access
Not every "waterfront" condo or townhome comes with a boat slip. The water access falls into three categories:
Deeded slip. You own the slip. Transfers with the sale. Highest resale value.
Assigned slip. HOA assigns a slip to your unit. May be rotated or reassigned per HOA rules.
First-come community slips or a waiting list. You have access to slips but don't control which one or whether one's available.
When the listing says "waterfront with slip," always confirm which of the three you're getting. A deeded slip is worth meaningfully more at resale than an assigned or community slip.
Slip rental is also an option in some Horseshoe Bay marinas for buyers whose unit doesn't include one.
Short-Term Rental Income Potential
A lot of condo and townhome buyers run the numbers as an investment. The range:
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Studio/1BR Horseshoe Bay condos - $200–$400/night peak season, $1,500–$3,500/month gross in high season.
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2–3BR waterfront condos - $400–$800/night peak, $4,000–$8,000/month in high season.
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Premium 3–4BR townhomes with slips - $700–$1,500/night peak, $7,000–$12,000/month in high season.
Occupancy in Horseshoe Bay runs strongest May through October with meaningful secondary demand around holidays and spring break. Gross rental income does not equal net — subtract HOA dues, property management (20–30%), cleaning, maintenance, and taxes to get a real number.
Before you underwrite based on rental income, verify: (1) the HOA allows it, (2) the city permits it, and (3) the rental cap isn't already hit.
About Chad Thibodeaux
I'm a 40-year resident of Horseshoe Bay and a licensed broker for 28 years. Condo and townhome transactions are a meaningful slice of my annual business - particularly for out-of-area buyers who want expert help navigating the HOA and rental-rule complexities they're not set up to untangle on their own.
If you're buying from Austin, Houston, or Dallas, I can walk the building, review the HOA documents, and give you an honest read before you invest the weekend to come see it yourself. Call 512-755-1606 or send a message.
Frequently Asked Questions
What's the average price of a Lake LBJ waterfront condo?
The average listing price is $818K, with active inventory ranging from $198K for smaller units to $2.3M for premium townhomes. Median price per square foot is approximately $530.
What's the difference between a Lake LBJ condo and a townhome?
In a condo, you own the interior of your unit plus an interest in the common areas; the HOA owns the exterior and grounds. In a townhome, you typically own the unit and the land under it, including the roof. HOA coverage, insurance obligations, and maintenance responsibilities differ accordingly.
Are boat slips included with Lake LBJ waterfront condos?
It varies. Some units come with a deeded slip (you own it), some have assigned HOA slips, and some have access to shared community slips on a waiting list. Always confirm which applies to the specific unit.
Can I short-term rent a Lake LBJ condo on Airbnb or VRBO?
It depends on both the HOA and the city. Some buildings permit nightly rentals; others restrict to 30-day minimums; others ban rentals entirely. In Horseshoe Bay, rules vary subdivision by subdivision. Verify in writing before buying with rental income in mind.
What are typical HOA dues for Lake LBJ waterfront condos?
HOA dues range roughly $200 to $1,000+ per month depending on the building and what's included. Full-service waterfront buildings with marina access, pool, and exterior insurance charge more than smaller-format buildings with limited amenities.
What does the HOA typically cover?
Common items include exterior maintenance, roof, landscaping, pool and clubhouse, master insurance policy, water and sewer, trash, and reserve contributions. Coverage varies by building — read the HOA documents to know exactly what you're getting.
How do I evaluate an HOA before buying?
Review current dues, what they cover, reserve fund balance, recent and pending special assessments, short-term rental rules, rental caps, pet policy, pending litigation, and meeting minutes from the last 12 months. A good real estate attorney or experienced agent should walk through this with you.
Are waterfront condos a good investment on Lake LBJ?
In rental-permitted buildings, waterfront condos can generate meaningful short-term rental income - $3,500 to $12,000+ per month in peak season, depending on size and location. Net returns depend on HOA dues, management fees, and occupancy. Verify rental rules before buying.
Do I need flood insurance on a Lake LBJ condo?
Your HOA master policy should cover the building's structure, but that policy may exclude flood. If your unit is in a FEMA flood zone, your lender may require you to carry a separate flood policy for your interior. Confirm what the master policy covers and what you need to supplement.
How much are property taxes on a Lake LBJ condo?
Tax rates vary by jurisdiction. Budget approximately 1.8 to 2.3 percent of assessed value annually, with exact rates depending on whether the property is in Horseshoe Bay city limits, Llano County, Burnet County, or a MUD.
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