What's up fellas,
I moved to Austin about 2 years ago. It's a great town! The traffic is hell during the school year. You definitely have to put some thought into where you live in relation to your work. It takes me about 45 minutes to go 6 miles.
Lakeway is a very nice area. All of the lakefront properties in Austin are high dollar, but if you have the cash..no issue. You'd probably be looking at at least 450K for a shack on lake Austin.
It is a little difficult to find good water to ride. You need to be out at 7 a.m. and be off by 11 or so. It's nice to have Lake Austin & Lake Travis close by, but everyone has a boat. Lake Austin is more of a river and get's like a bathtub full of 2 year olds by 11 a.m. Lake Travis is bigger, but get's the same way. If you get out in the middle during a crowded day, it can get pretty scary...huge waves.
Austin is a great party town. Head down to 6th street during the weekends and you'll find good times.