Introducing 32198 Ivory Gull Way in the sought-after Peninsula Lakes community, a stunning Schell Brothers Mallory/Kincade home gracefully positioned along one of the neighborhood's picturesque lakes, offering tranquil water views and exceptional living space across three beautifully finished levels. Impeccably maintained and thoughtfully updated, this 4-bedroom, 4.5-bath residence feels fresh and inviting, with recently painted interiors throughout the main and upper levels enhancing its like-new appeal. A welcoming front porch sets the tone for what awaits inside. Rich hand-scraped hardwood flooring flows throughout the main level, creating warmth and cohesion. The two-story foyer is flanked by a private home office with French doors, ideal for today's flexible lifestyle. Beyond, the light-filled great room unfolds, framed by expansive picture windows that capture panoramic lake views. A detailed fireplace and custom built-in feature wall anchor the space, blending comfort with refined craftsmanship. The gourmet kitchen is truly the heart of the home. A dramatic boomerang-shaped island with a deep farmhouse sink and breakfast bar seating commands attention, surrounded by 42” display cabinetry, elegant quartz countertops, stainless steel appliances, a spacious pantry, and a built-in planning station/buffet. Whether hosting gatherings or enjoying everyday meals, the adjacent dining area provides the perfect setting. Just beyond, the solarium offers a serene retreat for morning coffee, all while overlooking the shimmering lake. A spacious mudroom with garage access and a well-appointed powder room complete the main level. Upstairs, the primary suite serves as a private sanctuary, featuring dual walk-in closets and a spa-inspired bath with double vanities, soaking tub, glass-enclosed shower, private water closet, and a private balcony overlooking the water, the perfect place to unwind at day's end. Three additional bedrooms, each with walk-in closets, two additional full baths, a convenient laundry room, and generous walk-in attic storage complete the upper level. The finished lower level expands the home's versatility, offering a large family and recreation area with defined spaces for media, games, and relaxation, along with a full bath and storage rooms, ideal for entertaining or multi-generational living. Recent updates include a new dishwasher, sump pump, and upper-level thermostat, providing added peace of mind. Peninsula Lakes offers resort-style amenities including 11 scenic lakes, walking trails, clubhouse, fitness center, outdoor pool with splash pad, pickleball courts, fishing pier, dog park, shaded verandas, and a patio bar and lounge. Ideally located in Millsboro, just minutes from Lewes and Rehoboth Beach, this exceptional home delivers luxury lakefront living with coastal convenience.