Perfectly positioned within the prestigious Old Edwards Reserve at Lake Keowee, this 1.35 acre waterfront estate lot offers a rare blend of drama, privacy, and natural beauty. As one of the last buildable and truly special lakefront properties remaining in the community, it presents a once-in-a-generation opportunity to create a legacy home in an extraordinary setting. Unlike the gentler homesites found elsewhere, this property features dynamic topography that elevates the building envelope, allowing a future residence to command unreplicable long-range lake views that simply cannot be duplicated on flatter terrain. Its south/southwest-facing prominence ensures exceptional natural light throughout the day and unforgettable sunsets. The shoreline has been thoughtfully protected with hand-selected natural materials that blend seamlessly into the landscape, preserving both beauty and stability. A full covered dock is already in place, providing effortless access to consistently deep, navigable water in every season. Tucked into a quiet cove, the homesite enjoys the soothing presence of a natural waterfall and the calm of water sheltered from main-channel wakes and boat traffic, an extraordinary setting environment for swimming, paddling, or simply enjoying the stillness. Mature hardwoods frame the property, offering privacy while still allowing panoramic views to unfold from multiple vantage points. The lot’s scale and elevation provide a remarkable canvas for architectural creativity, whether your vision leans toward a modern lake lodge, a timeless craftsman, or a refined mountain retreat. This property includes a full convertible membership, giving the buyer flexibility to choose their preferred level of community involvement. A separate non-refundable membership initiation fee is required with purchase, unlocking access to The Reserve’s world-class amenities, including the Jack Nicklaus Signature Golf Course, the Orchard House, marina, fitness and wellness facilities, racquet sports, hiking trails, and a vibrant year-round social scene. 132 S Falls Rd is more than a homesite, it is a rare and irreplaceable offering, where dramatic elevation, protected deep water, long-range vistas, and a natural waterfall converge to create one of the most exceptional remaining lakefront opportunities in Old Edwards Reserve at Lake Keowee.