21990 Village Way, Canyon Lake, California 92487, Canyon Lake, 92587 - 7 bed, 8 bath

21990 Village Way
Canyon Lake, California 92487
Property Price
SUMMARY
Analysis of 21990 Village Way, Canyon Lake, California 92487 reveals a Fairly Priced Property with a current list price of $4,199,500 aligned with the estimated $4,145,285 Fair Market Value. This represents a stable investment opportunity at market rate. The property maintains a Good Condition Rating (78/100), reflecting solid structural condition with well-maintained systems. The property presents an attractive opportunity for buyers seeking a move-in ready home. Located in a high-demand neighborhood within the Canyon Lake Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Estimated Market Value
Comparable Sales Map
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 21990 Village Way Subject | $4,199,500* List Price | 7 | 8 | 7,200 | $576 | - |
A 22571 Canyon Lake Drive N Active | $2,950,000 List Price | 7 | 9 | 5,911 | $499 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
OVERALL CONDITION SCORE
Property is move-in ready.
Built in 1998, this property is well-maintained and move-in ready, aligning with the 'good' category's age range (10-20 years old). The kitchen features solid wood cabinetry, granite countertops, and what appear to be stainless steel appliances, all in good condition, though the style is more traditional than modern. Bathrooms also exhibit traditional finishes with tile work, jetted tubs, and separate showers, showing good upkeep. While the overall aesthetic is grand and luxurious, it reflects a style popular around its build year rather than a recent, extensive renovation to a contemporary standard. All major systems and finishes appear functional and well-preserved, but some elements like the busy granite patterns and certain light fixtures suggest they haven't been updated within the last 5-15 years to meet current 'excellent' criteria for modern design trends.
PROSSTRENGTHS & OPPORTUNITIES
- Exceptional Waterfrontage & Boating Amenities
The property boasts 170 feet of pristine waterfront in a desirable 'No Wake Zone,' complete with a private dock, hydrolift, and a fully enclosed boat house with a winch system and private launch, offering unparalleled lake access and convenience.
- Versatile Multi-Generational Living & Income Potential
Featuring a separate 2-bedroom, 2-bathroom apartment with a private entrance and an additional lockout studio apartment with a kitchenette and bathroom, this property provides significant flexibility for extended family, guests, or potential rental income streams.
- Extensive Garaging & RV Facilities
With a split 9-car garage and dedicated RV parking equipped with full hook-ups, the property caters exceptionally well to car enthusiasts, large families, or those with recreational vehicles, adding substantial utility and value.
CONSRISKS & DEFICIENCIES
- High Association Fees
The property is subject to a monthly association fee of $355, which represents a significant recurring cost that potential buyers must factor into their budget.
- Substantial Ongoing Maintenance & Operating Costs
Given the property's expansive size (7200 sqft, over 0.5 acre lot), numerous luxury amenities (pool, spa, boat house, multiple living units, 9-car garage), and full solar system, ongoing maintenance, repairs, and utility expenses are likely to be considerably high.
- Niche Market Appeal
The property's unique scale, extensive features, and luxury price point cater to a very specific buyer demographic (e.g., large families, multi-generational households, luxury lakefront enthusiasts), which may result in a more limited pool of potential buyers and potentially longer market time.
About 21990 Village Way
The “ICONIC” Canyon Lake Waterfront is now available……….Located on one of the best streets in Canyon Lake, this property sits on well over 1/2 acre set back down a long private driveway with over 170’ of pristine waterfront in the “No Wake Zone”. Immaculate grounds with huge pool and spa overlooking the main lake, RV parking with full hook ups, split 9 car garage, full solar, propane, dock with hydrolift and fully enclosed boat house with winch system and private launch to keep your boat and water toys clean and ready all year around. Enter the home through the custom solid wood double entry doors into the foyer boasting 22’ ceilings with floor to ceiling picture windows and large fountain setting the tone to tranquility. Main level offers 1 full bedroom with private bathroom, den, living room, kitchen, laundry/ Mud room, 1/2 bath and 2 bedroom 2 bathroom apartment with private entrance. Upstairs the estate is split with the Master wing sitting on one side of the home boasting a large sitting area with fireplace , bathroom with soaking tub, steam shower, walk in closet with built ins throughout, and private covered deck to take in the Panoramic views of the entire lake. Located on the opposite wing you will find 3 additional bedrooms with 2 of them having private bathrooms, large game room and full length covered patio as well mirroring the Master. Down on the pool level is a lockout studio apartment with a kitchenette and bathroom and additional finished storage rooms under the home. This house truly is “Canyon Lakes Finest” and would make for and excellent family compound or company retreat.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1998
- Lot Size
- 26,136 Sq. Ft.
Interior
- Total Bedrooms
- 7
- Total Bathrooms
- 8 (8 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $355.0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 7.0 | 3.0 | 98% |
| Baths | 8.0 | 3.0 | 98% |
| Square foot | 7,200 | 2,213 | 97% |
| Lot Size | 26,136 | 8,276 | 97% |
| Price | $4.20M | $685.0K | 99% |
| Price per sq ft | $583 | $349 | 95% |
| Built year | 1998 | 1987 | 67% |
| HOA | $355.0 | $350 | 82% |
| Days on market | 419 | 190 | 0% |
Pricing History
Listed for Sale
Oct 28, 2025
$4,199,500
Initial Listing
Price Change
Jan 12, 2025
$3,999,500
Initial Listing










































































