22835 Water View Drive, Canyon Lake, California 92587, Canyon Lake, 92587 - 3 bed, 2 bath
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Canyon Lake, California 92587
This Lakefront Single-Family Residence is a Strong Value Opportunity, listed at $1,125,000—positioned well above the $1,098,055 Fair Market Value. While the price reflects a premium, the property offers unique financial leverage through a 2.75% VA Assumable Loan and seller-offered interest rate buy-downs. Featuring a Condition Rating of 3, the home includes a remodeled primary bath, solar-heated pool/spa, and panoramic lake views. This is an ideal acquisition for Owner-Occupants seeking a lifestyle-focused sanctuary or savvy buyers looking to capitalize on rare financing incentives.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 22835 Water View Drive Subject | $1,125,000* List Price | 3 | 2 | 1,870 | $587 | - |
A 23572 Continental Drive Sold | $975,000 | 3 | 2 | 1,831 | $532 | 0.7 mi |
B 30360 Point Marina Sold | $1,110,000 | 3 | 2 | 1,666 | $666 | 0.9 mi |
C 30084 Point Marina Sold | $875,000 | 3 | 2 | 1,579 | $554 | 1.0 mi |
D 30208 Lands End Place Sold | $899,999 | 3 | 2 | 1,511 | $596 | 0.3 mi |
E 30042 Point Marina Sold | $1,015,000 | 3 | 3 | 2,222 | $457 | 1.0 mi |
F 30263 Swan Point Sold | $1,000,000 | 3 | 2 | 2,162 | $463 | 0.9 mi |
G 30205 Channel Way Active | $879,000 List Price | 3 | 2 | 1,530 | $575 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Built in 1979 but shows clear evidence of being well-maintained and updated. Key features include a recently remodeled primary bathroom with a seamless walk-in shower, an updated kitchen with stainless steel appliances, and modern hard-surface flooring. Systems have been improved with solar pool heating and upgraded attic insulation. While some dated elements like popcorn ceilings remain, the home is move-in ready and fits the criteria for a 5-15 year renovation cycle.
The property offers a rare 2.75% VA assumable loan and a motivated seller willing to consider interest rate buy-downs, providing a significant financial advantage in the current market.
This prime East Bay lot features a private pool and spa with solar heating, plus a brand-new covered dock with a lift currently in the approval process for direct lake access.
The home is well-equipped for enthusiasts with dual driveways, dedicated RV parking, and a 2-car garage featuring 220V power and upgraded attic storage.
With over 100 days on the market and four consecutive price reductions, the property may face buyer skepticism regarding its value proposition relative to the initial asking price.
Built in 1979, the home may require additional capital improvements beyond the remodeled primary bath to modernize the 1,870 sq. ft. interior to contemporary luxury standards.
MOTIVATED SELLER – Seller Will Consider an Interest Rate Buy-Down! **2.75% VA ASSUMABLE LOAN AVAILABLE** Welcome to lakefront living at its finest in the exclusive, 24-hour guard-gated community of Canyon Lake. Perfectly positioned on a prime East Bay lot near the channel, 22835 Water View offers an exceptional blend of comfort, lifestyle, and panoramic water views. This beautifully maintained single-story residence features approx 1,870 sq.ft. of living space with 3 bedrooms and 2 bathrooms, designed for both relaxed everyday living and effortless entertaining. The open layout is complemented by a cozy wood-burning fireplace, creating a warm and inviting atmosphere. The remodeled primary bathroom features a new window, bidet toilet, and a large seamless walk-in shower for a spa-like experience. Step outside to your private backyard retreat, where an upper-level flat yard showcases a sparkling pool and spa with a solar-powered heater and three tranquil waterfalls. The expansive covered patio, complete with ceiling fans and TV wiring, sets the stage for year-round outdoor enjoyment—all framed by stunning lake views. This home also offers the perfect seat to Canyon Lake’s spectacular annual Fourth of July fireworks show, visible right from your own property. For boating enthusiasts, the property is in the approval process for a brand-new covered dock with a lift, offering direct access to the lake. Additional highlights include a spacious 2-car garage with 220V, dual driveways (including RV parking), and upgraded attic insulation with added plywood flooring for extra storage. As a resident of Canyon Lake, you’ll enjoy access to an unmatched array of amenities, including a private 525-acre lake, premier waterskiing and wakeboarding, an 18-hole SCGA-rated golf course, lakefront pool and clubhouse, pickleball and tennis courts, parks, beaches, campgrounds, and a vibrant calendar of community events with over 50 clubs. This is more than a home—it’s a lifestyle.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 4.0 |
| Baths | 2.0 | 3.0 |
| Square foot | 1,870 | 2,648 |
| Lot Size | 6,970 | 7,405 |
| Price | $1.12M | $763.2K |
| Price per sq ft | $602 | $356 |
| Built year | 1979 | 1984 |
| HOA | $362.0 | $350 |
| Days on market | 103 | 84 |
Jul 21, 2026
$1,125,000
$1,150,000
-2% Price Drop
Initial Listing
Jun 30, 2026
$1,150,000
$1,178,000
-2% Price Drop
Initial Listing
Jun 10, 2026
$1,178,000
$1,199,000
-2% Price Drop
Initial Listing
May 10, 2026
$1,199,000
$1,225,000
-2% Price Drop
Initial Listing
Apr 10, 2026
$1,225,000
Initial Listing
Jan 9, 2015
$565,000
Public Record