Lake Shore Drive is home to some of the nicest properties in Toronto. While many look unremarkable when viewed from the street, it's their phenomenal lakefront backyards that make these houses so special.

This recently sold home at 231 Lake Shore Drive in South Etobicoke was advertised as a Mediterranean Villa, which sounds wholly inappropriate when you consider the interior, but far more accurate in terms of its lovely garden and waterfront views.

The decor is dated here, to be sure, but the location is spectacular for anyone who's dreamed of having a cottage-house hybrid. Updates can always be made inside, but the view is already a thing of beauty. There just aren't that many lakefront homes in big cities like Toronto.

The Essentials

• Address: 231 Lake Shore Dr.
• Type: Detached house
• Bedrooms: 4
• Bathrooms: 3
• Lot size: 50 x 151 feet
• Hit the market at: 1,988,000
• Sold for: $1,910,000

Why it sold for what it did

Location and size. Place this house on the north side of the street, and you can peel off a ton of money from the list price.

Was it worth it?

Considering that it basically sold for asking, the buyer and seller were aligned on the value of the house. It had originally been listed at $2.2 million in August before a price reduction led to it getting snapped up in September.