A framing crew is putting up wall studs a few hundred feet from a fenced grave marked 1882. The grave belongs to Eliza Eanes, buried in the family cemetery on land her husband Robert used to build the district's first schoolhouse and log cabin along Smith Creek in 1872. That cemetery, a Texas-designated historic site, sits inside the 37.25-acre former Marshall Ranch parcel where MileStone Community Builders is putting up 48 luxury homes at 1300 Lost Creek Blvd. The development is called The Overlook at Westlake. According to former Eanes ISD trustee Ellen Balthazar, the couple buried there gave the school district its name.
That detail matters for reasons beyond trivia. It is physical proof of how little land is left to build on inside Eanes ISD boundaries. When a developer's best available site is one that requires fencing off a 19th-century family plot and building a permanent stone wall to preserve it, that tells you something about the supply side of this market that no median-price chart will show you.
The Address Is Doing Some of the Selling
The Overlook at Westlake sits on Lost Creek Boulevard. The builder's own marketing describes it as located "near Rollingwood and Lost Creek," which is accurate, because that is where it physically is. It is not inside the city of West Lake Hills. It is not in the Rollingwood city limits either. It sits in the city of Austin and will run on Austin city utilities.
Yet the project is named for Westlake, not Lost Creek. That is a branding decision, and a reasonable one. "Westlake" carries more prestige weight in the Austin market than "Lost Creek," even though both addresses zone to the same Eanes ISD schools: Forest Trail Elementary, West Ridge Middle School, and Westlake High School. The name points buyers toward the school district and the wider Westlake association, which is useful context when you compare this project with resale homes that carry the Lost Creek or Rollingwood name.
Why "New Construction" Doesn't Mean Leverage Here
In most Austin submarkets, new construction is the buyer-friendly option. Builders compete on incentives. Inventory homes sit finished and unsold, which pushes builders to negotiate on closing costs, design upgrades, or price. A buyer walking into almost any builder sales office in Leander, Georgetown, or even parts of Bee Cave has real leverage, because the builder needs the sale more than the buyer needs that specific lot.
Eanes ISD flips that dynamic. Westlake is essentially built out. Undeveloped parcels large enough for a 48-home community inside the district's boundaries do not come along on a regular cycle. The Overlook is the only project of its kind moving through construction in the district right now, and multiple local outlets covering the launch have made the same point: this is not a builder competing for market share, it's the only game running.
The sales pace backs that up. By late December 2025, with the model home still under construction at 1300 Lost Creek Blvd, MileStone had already sold 8 of the 48 homesites, according to sales executive Lily Otis speaking with Community Impact.
"It's going to be a high-end, luxury type of product," Otis told the outlet.
Buyers were reserving lots before there was a finished house to walk through. That is not what buyer leverage looks like. That is what scarcity pricing looks like.
The pricing itself moved the same direction. At launch, homes were positioned from $2.85 million to $5 million. By June 2026, according to the builder's own listing data, available homes were priced from $3,325,990 to $4,655,740, sizes running 3,827 to 5,266 square feet.
| Milestone | Price range |
|---|---|
| Presale launch (late 2025) | $2.85M – $5M |
| Live listings (June 2026) | $3.33M – $4.66M |
The floor moved up nearly half a million dollars in about six months. That's not a builder discounting to move inventory. That's a builder raising prices because demand for the only new construction inside a top-ranked school district isn't slowing down.
What Eanes ISD Land Actually Costs When It's New
MileStone built the pricing model to remove some of the usual friction points buyers use to negotiate. The homes are sold on an all-inclusive basis, meaning a pool or enhanced landscaping package can be folded into the base contract rather than tacked on as a design-center upgrade after the fact. Lot sizes run 0.25 to 0.75 acres, and because the site has real topography, some homesites offer flat, easy-to-build pads while others carry views toward the Omni Barton Creek Resort or the downtown skyline, according to reporting from West Austin Scoop.
That structure works in the builder's favor as much as the buyer's. In a typical new-construction negotiation, a buyer's agent has several levers to pull: lot premium, structural options locked in at contract signing, design-center upgrades that can add 10 to 20 percent to the base price, and closing cost credits. When a builder bundles most of those into one number up front, there's less room to negotiate them back out, because the price already reflects what the market will bear for the only Eanes ISD new build available.
None of that makes the Overlook a bad option. It makes it a different kind of decision than most new-construction shopping in Austin. You are not comparing builder incentives across three competing communities. You are deciding whether a turnkey new home inside Eanes ISD, built around one remaining undeveloped parcel, is worth what the market has already decided it's worth.
Comparing The Overlook With Resale Homes
The real comparison set for a buyer looking at the Overlook isn't other new-construction communities. Eanes ISD barely has any. The real comparison is resale.
Lost Creek, the neighborhood the Overlook physically sits in, built out mostly through the 1970s and 1980s. Its housing stock reflects that. Buyers there are typically choosing an original or partially updated ranch home and pricing renovation work separately, often with a builder before writing an offer rather than after. That's a fundamentally different transaction than closing on a home MileStone has already finished, insured, and warrantied.
Move a few minutes east into West Lake Hills proper or Rollingwood, and the resale math changes again. In both of those tighter, older neighborhoods, a home priced under roughly $2 million is frequently a teardown candidate rather than a livable option, which means the buyer is effectively pricing in a full rebuild anyway, just without a builder's warranty or an all-inclusive contract to structure it.
Seen that way, the Overlook isn't competing on price against Lost Creek's older stock or Rollingwood's teardown lots. It's competing on certainty. You know what the house costs, what's inside it, and when you can move in. The resale alternative gives you a lower entry number and an open-ended renovation budget that depends entirely on what a licensed contractor finds once the walls come open. If you're weighing that trade-off, it's worth pricing both paths with a builder before you write an offer on either one. That's the same advice we'd give any client evaluating a remodel against new construction anywhere in this corridor.
What This Means If You're Comparing Neighborhoods Right Now
If Eanes ISD schools are the fixed requirement in your search, the Overlook removes one variable that usually complicates a Westlake search: construction risk on a custom lot you'd have to find, permit, and build yourself. What it doesn't remove is the price the district commands. The 78746 zip code, which covers Westlake and West Lake Hills, has run as the highest-priced zip code in Austin through 2026 year to date. New construction inside that boundary was never going to arrive at a discount, and the fact that MileStone raised prices mid-construction rather than offering incentives tells you the market agreed.
For readers exploring what else sits inside that boundary, our guides to Lost Creek, West Lake Hills, and the broader new construction landscape in Westlake lay out how the resale and custom-build paths compare street by street. For the specifics on which campuses a given address feeds into, our Westlake schools page walks through the Eanes ISD feeder patterns referenced above.
Quick Answers
Is the Overlook at Westlake actually in Westlake? No. It sits on Lost Creek Boulevard in the city of Austin, near Rollingwood and Lost Creek. It carries the Westlake name for marketing purposes, and it does zone to Eanes ISD, which is the association the name is built to signal.
Will there be another new-construction project like this inside Eanes ISD soon? Nothing comparable has been reported. The site required using one of the last remaining large parcels in the district and preserving a historic family cemetery to fit 48 homes on it. That's not a repeatable setup.
What's actually included in the listed price? MileStone's model bundles the base home with options like a pool or enhanced landscaping into one all-inclusive number, rather than pricing those as separate upgrades after contract signing.
If you're trying to figure out whether a turnkey new build inside Eanes ISD is worth its premium over a renovation project in Lost Creek or Rollingwood, that's exactly the kind of comparison Jenny Walker built her practice on. Bring us the addresses you're weighing and we'll price both paths honestly, builder bids included, before you write an offer on either one.
