About this home

Welcome to 515 E Island Dr-an exceptional opportunity to own generational waterfront on Lake Buchanan's coveted Shaw Island, where only a select few properties are surrounded by water on all sides.Set on approximately 0.51 acres in Bluffton, Texas, this 4-bedroom, 3-bath retreat is designed to capture the lake from nearly every angle. Expansive windows frame panoramic views, filling the home with natural light & creating a seamless indoor-outdoor connection. The open-concept kitchen & living area offer an inviting space for entertaining or relaxing, all with the water as your constant backdrop. Multiple bedrooms provide peaceful, private retreats with stunning views. An attached guest house adds flexibility and value, featuring its own open-concept layout, private bedroom, & full bath with a striking walk-in shower-ideal for hosting guests,family, or a secluded escape. Step outside to your waterfront setting, where a sprawling backyard, expansive patio, & outdoor fireplace create the perfect environment for entertaining or unwinding as Hill Country sunsets stretch across the lake. Lot 100 directly across the street is included, offering additional space & a place to build a shop to store all of your lake toys! Located near Burnet, enjoy easy access to boating, fishing, & top Hill Country attractions, including Inks Lake State Park, Longhorn Cavern, wineries, golf, and local dining.

Facts and features

Schools

• Burnet Middle School

  middle · 6-8 · 11.8 mi

  5

• Burnet High School

  high · 9-12 · 12.0 mi

  6

• Rj Richey Elementary School

  elementary · 3-5 · 12.2 mi

  4

• Burnet Elementary School

  elementary · K-2 · 12.6 mi

• Quest High School

  high · 9-12 · 12.3 mi

  1

• Bertram Elementary School

  elementary · K-5 · 22.5 mi

  2

Price history

• May 21, 2026 · Price Changed$699,900
• Apr 29, 2026 · Price Changed$759,984
• Apr 21, 2026 · Price Changed$764,984
• Mar 31, 2026 · Listed$769,984
• Oct 31, 2024 · Listing Removed—
• Oct 16, 2024 · Listed For Rent$2,500
• Sep 12, 2024 · Listing Removed—
• Sep 12, 2024 · Listing Removed—

Tax history

• 2026$5,749 tax · $508,593 assessed
• 2025$5,871 tax · $523,289 assessed
• 2024$6,490 tax · $551,630 assessed
• 2023$7,313 tax · $536,190 assessed
• 2022$7,360 tax · $503,460 assessed
• 2021$7,260 tax · $331,290 assessed
• 2020$4,966 tax · $323,510 assessed
• 2019$5,003 tax · $318,220 assessed

Home value

$672,786

• Quantarium$672,786
• Cotality$656,900
• Collateral Analytics$716,000

Where it is