1318 E TREASURE COVE Drive, Gilbert, AZ 85234, Gilbert, 85234 - 5 bed, 5 bath
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Gilbert, AZ 85234
This Luxury Lakefront Estate is listed at $2,299,999, representing a stable and fair valuation aligned with its $2,292,502 Fair Market Value. Boasting a Condition Rating of 3, the residence features a negative-edge pool, private dock, and a fully finished basement with a second kitchen, perfect for multi-generational living. Residents benefit from elite Val Vista Lakes amenities and proximity to the top-rated Patterson Elementary School. This resort-style sanctuary offers a rare desert waterfront lifestyle, making it an ideal match for luxury-seeking families or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1318 E TREASURE COVE Drive Subject | $1,885,000* List Price | 5 | 5 | 5,731 | $339 | - |
A 1442 E CATAMARAN Drive Active | $1,475,000 List Price | 6 | 4 | 4,670 | $316 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is in move-in ready condition and appears exceptionally well-maintained. While the 1996 build date and the kitchen's white appliances and cabinetry style are dated, the home features significant updates including granite countertops and modern wood-look and tile flooring. The high-quality maintenance of the interior, combined with the premium lakefront exterior features like the negative-edge pool and private dock, elevates the property above a 'fair' rating despite the age of some components.
This property offers a rare resort-style experience with a private dock, negative-edge pool, and direct lake access, providing a high-value waterfront lifestyle in the desert.
The fully finished basement includes a full kitchen, private entrance, and two bedrooms, making it an ideal setup for guests, extended family, or a live-in suite.
Located in the prestigious Val Vista Lakes, residents benefit from a multi-million-dollar clubhouse, sandy beach lagoon, and extensive athletic facilities including tennis and pickleball courts.
Built in 1996, the home may require cosmetic updates to its finishes and cabinetry to align with the contemporary luxury standards expected at this price point.
While the local elementary schools are highly rated, the assigned high school has a lower rating of 5, which may be a concern for education-focused buyers.
Waterfront BASEMENT home in West Lake Estates. This is a combination almost impossible to find in Gilbert. 5,731 sqft, 6 bed, 4.5 bath, private dock and direct lake access. The lot is exceptional, the floor plan is rare, and the lifestyle is real. Bring your vision. Main level: soaring ceilings, open great room, granite kitchen, double-door den (or 6th bed), and a primary suite with lake views, fireplace, and spa ensuite. The backyard delivers: negative-edge pool & spa, built-in BBQ, sunken fireplace, outdoor shower, and a private dock for kayaking or paddleboarding at sunrise. Basement: fully finished with a complete second kitchen, 2 bedrooms, full bath, fireplace, and its own private entrance, purpose-built for multi-generational living, guests, or serious rental potential. A built-in dumbwaiter connects both levels. Val Vista Lakes amenities include a clubhouse, sandy beach lagoon, tennis, pickleball, fitness center, heated Olympic pool, and waterfront trails. One of the most coveted communities in the East Valley and this is one of its rarest homes. Investor, remodeler, or lifestyle buyer the bones, the lot, and the lake are all here. This is the ONE!
No exterior & parking available.
Grades PK-6 • 0.3 mi
Grades PK-6 • 0.7 mi
Grades 7-8 • 4.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 5.0 | 4.0 | 86% |
| Baths | 5.0 | 3.0 | 97% |
| Square foot | 5,731 | 2,075.5 | 99% |
| Lot Size | 14,244 | 6,839 | 92% |
| Price | $1.89M | $454.8K | 99% |
| Price per sq ft | $329 | $233 | 86% |
| Built year | 1996 | 1994 | 58% |
| HOA | $158 | $82 | 78% |
| Days on market | 60 | 2540 | 1% |
May 14, 2026
$1,885,000
$2,100,000
-10% Price Drop
Initial Listing
Apr 30, 2026
$2,100,000
$2,299,999
-9% Price Drop
Initial Listing
Apr 8, 2026
$2,299,999
Initial Listing