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Well, remember, this was the worst drought in half a century, so you're seeing it at most likely its very worst.
A quick look at the MLS, using your criteria, turns up 56 waterfront (lake, river, or creek) houses of 2700 sq. ft. or more on an acre or more for $750,000 or less (sometimes a LOT less), in the general Austin area. That's everywhere from the lake area to Bastrop to Georgetown to Liberty Hill to Dripping Springs.
You really shouldn't have any problem finding what you're looking for, I don't think.
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