When it comes to waterfront properties, not all are created equal. 

And listed for $18,888,888, 3 Ennisclare Dr. E is a cut above the rest. 

According to the listing, it is "one of the last remaining developeable riparian lakefront estates" in Oakville, which for the uninitiated is a pretty big deal. 

The front of the house. 

Riparian rights only come with the house if the property also includes the water shoreline.  

The concrete docking pier.

"This means that you will have the right to access the water, the right to the undisturbed natural flow of the water, and the right to withdraw water for your own use. You can legally enforce these rights against any other persons or government entities," explains Jason Lane in an blogpost about buying waterfront homes.

The back of the house. 

And not only do you get 184 feet of lake frontage and boat access with this Oakville property, but the home boasts a whopping 3.63 acres of land.

The view of the lake from the dock. 

The land is stunning. The views of Lake Ontario that capture everything from downtown Toronto to the Niagara Escarpment are breathtaking. 

The foyer. 

However, the house itself is quite modest given the price tag of the property. 

The primary bedroom. 

The home has five bedrooms each with a view of the lake, plus four bathrooms. 

The family room. 

The rest of the house is...dare we say basic?

The kitchen with luxury appliances. 

It's modern with light oak hardwood flooring, big windows and an all-white kitchen.

Another bedroom with views of the lake. 

It's not ugly, but it is definitely giving Pottery Barn catalogue vibes. 

An aerial view of the house. 

But the good news is even if you hate the house, the property has an RL1-0 zoning and the land can accommodate a 10,000-square-foot new build.

A home office. 

So you can build the house of your dreams. You know, after you've already spent almost $19 million on the current house and land. 

Another bedroom with built-in closets. 

Now don't get us wrong, this is a great investment opportunity as waterfront properties have incredible resale value, but $19 million might be just a bit inflated when it comes to the actual value of the property.

The back patio. 

See, this house has been on the market a few times in the last four years. 

The living room. 

It was originally listed in 2019 for $9 million, and then the price dropped to $8.8 million. 

The primary bathroom. 

The home was then renovated – including the addition of a rare concrete docking pier and a new seawall – and re-listed in June 2020 for $12 million, but failed to sell after two months on the market.

The balcony off the primary bedroom. 

Currently, HouseSigma, which uses artificial intelligence technology to estimate home value, values the property at $16,337,556. 

A sunset view from the backyard. 

So yes, this is a outstanding investment opportunity in a prime location with some amazing views, but they may need to drop the price if they ever want this house to actually sell.