See Home Value
Palo Pinto 76449
1002 Cedar Drive
$1,300,000
● House - Off Market

1002 Cedar Drive

Possum Kingdom Lake, TX 76449
bedrooms
3 Beds
bathrooms
3 Baths
square feet
2,199 Ft²
$7,081
Est. Monthly
$83
HOA / Fees

About This Property

Tucked into a quiet, protected cove at the approach to Hell's Gate, this nearly one-acre Gaines Bend property offers expansive water views, calm no-wake water, and one of the most recognizable locations on Possum Kingdom Lake.  The 3-bedroom, 3-bath home is positioned to capture sweeping sunset views while enjoying the privacy of a protected cove just outside the activity of Hell's Gate.  From its elevated setting, you can watch fireworks light up the sky overhead - close enough to enjoy the show, yet removed from the congestion and heavy boat traffic.  Designed for gathering and easy lake living, the home opens to layered composite decks that create multiple outdoor living zones. A covered patio with fireplace, grilling station, and open-air lounge areas overlook the water, while a lakeside tiki retreat provides a tucked-away perch near the shoreline. Inside, the layout is comfortable and functional, offering flexibility for weekend guests or full-time lake living.  A stone retaining wall and stairway lead to a private dock with boat lift in approximately 12 feet of water at full pool.  The nearly one-acre setting provides uncommon elbow room in Gaines Bend - space for lake toys, gatherings, and future personalization.  Whether envisioned as a weekend escape or full-time lake residence, this property offers the rare balance of protected water, iconic proximity, and room to make it your own.
Unit Size
2,199 Ft²
Days on Market
-
Land Size
0.92 acres
Price per sqft
$648
Property Type
House
Property Taxes
-
HOA Dues
$83
Year Built
2012

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Last updated: 2 months ago (NTREIS #21193524)

Price History

Date / Event Date Event Price
Aug 26, 2026 Sold
Sold
Jul 28, 2026 In contract -
In contract
May 9, 2026 Price Decreased $1,425,000
↓ $70K (4.7%)
Price Decreased
Feb 26, 2026 Listed by The Brokerage Residential LLC $1,495,000
Listed by The Brokerage Residential LLC

Property Highlights

Air Conditioning
Fireplace

Building Info

Overview

    General

  • Year Built: 2012
  • Effective Year Built: 2012
  • Bedroom Count: 0
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 0
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 40,162
  • Lot Size Frontage Feet: 0
  • Total Building Area: 2,199
  • Gross Building Area: 2,199
  • Building Area: 2,199
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heated Square Feet: 2,199
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: GAINES BEND PK LAKE
  • Land Acres: 0000000922
  • Standard Land Use Code: 1001
  • County Land Use Code: A1
  • Legal Description 1: GAINES BEND PK LAKE BLK 1 LOT 265 & 266 DEEDED LAND G#G0050-00-00010-265-00-0

Neighborhood

  • School District Name: Palo Pinto Independent School District
  • School Tax School District: PPI HPD ESD1
  • Census Tract: 000200

Geography

  • Account Number: R000016521
  • Parcel: 125930000
  • Block: 1
  • Lot: 265,266
  • Municipality: GRAFORD
  • Latitude: 32.8552
  • Longitude: -98.4617

    Address

  • Full Address: 1002 Cedar Dr
  • Address - House Number: 1002
  • Address - Street Name: Cedar
  • Address - Suffix Type: Dr
  • State: TX
  • City Name: Graford
  • Carrier Code: H051
  • 4-Digit Zip Code: 1500
  • Zip Code: 76449

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $745,468
  • Tax Rate Code Area: CAD 182 PP

    Appraisal Valuation

  • Standard Deviation: 0.2772
  • Valuation Date: Dec 13, 2023
  • Confidence Score: 60
  • Final Value: 1,229,268
  • High Value: 1,570,089
  • Low Value: 888,447

    Market Valuation

  • Market Total Value: $981,690
  • Market Land Value: $568,770
  • Market Improvement Value: $412,920

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $981,690
  • Assessed Land Value: $568,770
  • Assessed Improvements Value: $412,920

    Exemptions

  • Senior Citizen Exemption : Yes
  • Homeowner Exemption: Yes

    Sales

  • Current Sale Contract Date: Mar 26, 2007
  • Current Sale Recording Date: Mar 29, 2007
  • Current Sale Price:
  • Current Sale Document Type: 70
  • Current Sale Input Document Number: 2007-00002685
Data used for valuation calculations is provided by RealtyHop, and other third party sources

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Palo Pinto


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Frequently Asked Questions

When was property at 1002 Cedar Drive built and last sold?
The property at 1002 Cedar Drive was built in 2012 and last sold on Mar 26, 2007 for $431,000.
How much is this home worth?
The estimated value of the home located at 1002 Cedar Drive is $1,392,347.
What are some comparable homes to 1002 Cedar Drive?
There are currently no comparable homes to 1002 Cedar Drive.