The Position
405 Bella Montagna is one of the largest homes in the gate. It sits on a full acre of heritage oaks and has outdoor living built around an elevated negative-edge pool that looks out over the greenbelt. Few homes in Lakeway have its space or its setting.
The market is pricing finish level and condition, not size. Large Lakeway homes with dated interiors are selling at $238–$265 per square foot. Updated homes are selling above $300. The roughly $300,000 gap between those two outcomes is what this analysis measures.
We are presenting two paths: list the home as it stands today, or complete a focused make-ready first. Both are modeled from the same sales.
Property Snapshot
Living area | 6,763 SF (Travis CAD) |
Bedrooms / baths | 5 / 4+ |
Year built | 2013 |
Lot | 1.00 acre, backing to greenbelt |
Stories | Two |
Garage | Five cars: three-car and two-car side-entry |
Pool | Elevated negative-edge pool with built-in spa, surge-tank system |
Living areas | Study, family room, plus four upstairs: game room, media room, studio/fitness, front sitting room |
Outdoor | Covered multi-zone outdoor living, lower dining deck, swim-up bar seating, front and rear upper covered balconies |
What Sets This Home Apart
- A primary wing that takes up the whole side of the house. It has 14-foot beamed ceilings, views of the pool and greenbelt, a jetted tub, a frameless shower, and a dressing area connected to the closet.
- An arrival that sets the tone. A three-tier fountain, a two-story foyer with a wood-clad curved staircase, and a study framed by antique Gothic church windows brought over from England.
- A two-sided fireplace shared by the study and the family room.
- A kitchen built for hosting. It has a soapstone island with a live edge and leathered finish, a 48" professional cooktop, double wall ovens, and a 48" built-in refrigerator.
- Outdoor living at the level of the main floor. The pool was built up to match the home's elevation and opens directly off the family room, the casual dining area and the primary suite.
- Room for a large household. Four bedroom suites and four living areas upstairs, plus five garage bays.
Micro-Market Context
Inside the gate, five resales have closed in the last 24 months, at $1.53M–$2.37M. None was larger than 5,183 SF.
Across Lakeway, resales of 5,500–8,500 SF on lots of 0.75 acre or more closed at $238–$321/SF over the past year.
Absorption is slow. Right now there are no pending sales in this size band, and none have closed in the last 30 days. Eight homes are listed at $1.6M–$3.25M.
Only one of the eight comparable resales closed at or above its launch price. As a group, they closed at a median of 83.4% of their original list price after 166 days.
Closed Comparable Sales — Resale, 24 Months
The first five are inside the gate. Each launch price is the first list price, including earlier listings that were later withdrawn or expired.
Price per square foot drops as homes get larger. Homes under 5,200 SF traded at $379–$473/SF, while homes over 5,500 SF traded at $238–$321/SF. At 6,763 SF, the subject belongs with the larger group.
Address | Built | SF | View | Launch | Closed | $/SF | % of launch | Days |
|---|---|---|---|---|---|---|---|---|
301 Bella Montagna | 2013 | 3,343 | Neighborhood | $1,495,000 | $1,525,000 | $456 | 102.0% | 51 |
306 Bella Montagna | 2005 | 5,016 | Hill Country | $2,750,000 | $2,374,700 | $473 | 86.4% | 85 |
208 Palazza Alto | 2014 | 4,435 | Lake, panoramic | $2,499,900 | $2,076,185 | $468 | 83.1% | 189 |
205 Palazza Alto | 2017 | 5,183 | Lake (no pool) | $2,400,000 | $1,600,000 | $309 | 66.7% | 388 |
303 Bella Montagna | 2013 | 4,753 | Greenbelt, panoramic | $2,150,000 | $1,799,000 | $379 | 83.7% | 143 |
109 Bella Cima | 2005 | 8,228 | Lake, panoramic | $3,499,870 | $2,645,000 | $321 | 75.6% | 211 |
3800 Scenic Overlook | 2013 | 5,789 | Lake (no pool) | $1,850,000 | $1,380,000 | $238 | 74.6% | 248 |
111 Sebastians Run | 2004 | 6,114 | — | $1,695,000 | $1,496,000 | $245 | 88.3% | 36 |
Active Competition
Bottom quartile by price: at or below $2.24M. A list price of $2,099,000 would place the subject third-lowest of nine, while offering more square footage than all but one of the competing homes.
The most direct competitor is 104 Bella Strada Cove: similar size and age, with a Hill Country view, relisted at $1.899M. Buyers will compare the two directly.
Address | SF | List | $/SF | Days | Note |
|---|---|---|---|---|---|
312 Camino Arbolago | 6,310 | $1,595,000 | $253 | 123 | Launched $1.87M; withdrawn, relisted |
104 Bella Strada Cv | 6,323 | $1,899,000 | $300 | 21 | Relisted; previously $2.3M |
303 Camino Arbolago | 5,734 | $2,350,000 | $410 | 46 | 1.71 acres |
422 Treasure Peak Pass | 5,865 | $2,695,000 | $460 | — | 2021 build |
206 Bella Cima | 6,056 | $2,799,000 | $462 | 149 | Launched $3.2M |
108 Palazza Alto | 7,943 | $2,990,000 | $376 | 168 | Same gate, lake view; launched $3.15M |
16005 Chateau Ave | 5,988 | $2,995,000 | $500 | 157 | Launched $3.295M |
17800 Flagler Dr | 5,807 | $3,250,000 | $560 | 166 | Launched $3.599M |
Value Analysis — Post-Make-Ready Condition
Anchor: 303 Bella Montagna (same gate, same 2013 vintage, greenbelt view, infinity pool)
Bracket: 109 Bella Cima (larger, with a lake view)
Reconciled value after make-ready: $2.05M–$2.20M. We give 303 Bella Montagna the most weight because it shares the gate, the vintage and the view.
As-is value: $1.65M–$1.79M ($244–$265/SF). This range is set by the large Lakeway resales with dated finishes: 3800 Scenic Overlook at $238/SF, 111 Sebastians Run at $245/SF, and 312 Camino Arbolago, which has been listed for 123 days at $253/SF.
Anchor: 303 Bella Montagna | Adjustment |
|---|---|
Closed price, June 2026 | $1,799,000 |
Size: +2,010 SF at $150/SF contributory | +$301,500 |
Garage: 5 bays vs. 4 | +$10,000 |
View, pool and lot | Comparable |
Indicated value | $2,110,500 ($312/SF) |
Bracket: 109 Bella Cima | Adjustment |
|---|---|
Closed price, November 2025 | $2,645,000 |
Size: −1,465 SF at $150/SF | −$219,750 |
View: lake panoramic vs. greenbelt | −$200,000 |
Age: 2005 vs. 2013 | +$40,000 |
Indicated value | $2,265,250 ($335/SF) |
The Launch-Price Pattern
Homes that launched above the market lost about 16 points of their launch price and spent about five additional months on the market. 303 Bella Montagna shows the pattern: it was first listed at $2,150,000 and did not sell. Relisted at $1,825,000, it sold in 16 days at $1,799,000.
Homes | Median % of launch | Median days | |
|---|---|---|---|
Priced right from day one | 2 | 95.1% | 44 |
Reduced after launch | 6 | 79.3% | 200 |
Path A — List As-Is
Read the "modeled close" row first. It is drawn from the comparable sales. The list price is only where the conversation with buyers starts.
As-is, the home competes directly with 312 Camino Arbolago ($1.595M, 123 days). Buyers will also deduct for the pool equipment, the flooring and the lighting, and they will base those deductions on their own bids rather than ours.
Velocity | Recommended | Test | |
|---|---|---|---|
List price | $1,749,000 | $1,849,000 | $1,995,000 |
$/SF | $259 | $273 | $295 |
Modeled close | $1.66M | $1.70M–$1.76M | $1.58M–$1.70M after reductions |
Expected days on market | 60–90 | 90–150 | 180+ |
Path B — Complete the Make-Ready, Then List
Read the "modeled close" row first.
If the Test tier is preferred, we recommend a written agreement to move to $2,099,000 on day 21.
Velocity | Recommended | Test | |
|---|---|---|---|
List price | $1,995,000 | $2,099,000 | $2,249,000 |
$/SF | $295 | $310 | $333 |
Modeled close | $1.90M | $1.99M–$2.05M | $1.99M–$2.05M after one reduction |
Expected days on market | Under 30 | 30–60 | 90–150 |
The Two Paths Side by Side
On the modeled closes alone, Path B comes out roughly $164,500–$203,000 ahead after the work is paid for. It also gives buyers far less room to negotiate on condition, and it puts the home among the updated homes rather than with the dated listings.
Path A (as-is) | Path B (make-ready) | |
|---|---|---|
Modeled close | $1.70M–$1.76M | $1.99M–$2.05M |
Make-ready investment | — | $87K–$125.5K (working allowance) |
Expected days on market | 90–150 | 30–60 |
Months of carry | ~5 | ~2 on market + ~2 of work |
Who sets the repair credit | The buyer | We do, before launch |
Recommendation
Complete the make-ready and list at $2,099,000.
At that price the home is in the bottom quartile of current competition and is backed by the 303 Bella Montagna grid. It also enters the market below the point where Lakeway luxury listings have needed reductions to sell. Any path to $2.2M or more depends on early showing activity. If we see multiple showings and second visits in the first two weekends, we will hold firm on price rather than reach higher.
Pre-List Make-Ready
Sequence: clean-out → repairs and lighting → flooring and paint → staging → photography
Every allowance is a placeholder until we have contractor bids.
Septic: We recommend requesting the on-site septic permit records now, from LCRA or Travis County depending on which agency holds the permit, so the design capacity is documented before a buyer asks.
Item | Scope | Working allowance |
|---|---|---|
Clean-out and staging edit | Cathy identifies the pieces to keep; everything else is removed | Included with staging |
Flooring | Replace the 18x18 tile on the main level (excluding the primary suite) with wood, blended to the stair and primary-suite wood | $35K–$50K |
Interior paint | Lighter neutral throughout, including the sage primary suite. Kitchen cabinets may also need painting a lighter color. | $25K–$35K |
Lighting | All recessed cans to 3000K LED; replace dated fixtures; review exterior lighting | $7.5K–$12K |
Pool | Repair the heater and replace the main pump and fountain pump; replace the damaged mosaic tile | $10K–$12K |
Landscaping | Finish the front: zoysia or a continuation of the rockscape at the fountain | $4K–$7K |
Kitchen | Reinstall the built-in microwave | Minor |
Professional staging | Main level, upstairs living areas, primary suite, covered outdoor living and pool deck | $1.5K–$3.5K |
Windows | Clean inside and out and remove screens | $1.5K–$2.5K |
Power washing | All flatwork, decking, and anywhere organic growth | $2.5K–$3.5K |
Total | $87K–$125.5K | |
FPG Marketing & Concierge Plan
Contractor coordination and oversight during the make-ready, with weekly progress updates
Professional photography, twilight exteriors and aerials of the acre and greenbelt, a 3D tour and a cinematic film
A launch campaign aimed at relocating families who need space for a large household near Lake Travis ISD
A private broker preview before public launch
Weekly showing feedback, with a pricing review at days 14 and 21
First 30 Days
Window | Focus |
|---|
Days 1–7 | Coming-soon marketing, broker preview, launch of the film and photography |
Days 8–14 | First open houses; collect feedback and track showing pace |
Day 14 | Pricing review against showings and second visits |
Days 15–21 | Targeted outreach to agents with active large-home buyers |
Day 21 | Decision point: hold, or adjust using the pre-agreed plan |
Days 22–30 | Push on whatever the feedback shows buyers are focused on |
What This Means for the Buyer's Numbers
- Property taxes: the 2026 assessed value is $2,153,679. At an approximate 1.8% combined rate, that is about $3,200 per month, and a sale near $2.0M resets the assessment around the purchase price.
- HOA: Bella Montagna dues are modest relative to the price point.
- Pool system: documented service records and new equipment take an operating-cost question off the table for the buyer.
Next Steps
Walk the home with Cathy to finalize the staging plan and the clean-out list
Collect contractor bids for flooring, paint, lighting and pool, and replace the working allowances
Request the septic (OSSF) permit records
Agree on the make-ready schedule and target launch date
Review the net sheet at the confirmed list price
405 Bella Montagna Circle — Pricing Analysis
Daniel & Jacquelyn Foreman | Foreman Property Group | eXp Realty Luxury
Prepared October 23, 2026 · MLS data current as of October 23, 2026