$2,858,888 - 121 Milky Way Drive, Richmond Hill
Detached for Sale in Richmond Hill
32 days on market- MLS Number
- N13113664
- Property Type
- Detached
- Status
- active
- Days on Site
- 32
- Bedrooms
- 8
- Bathrooms
- 6
- Square Feet
- 3,500 - 3,999 sqft
- Neighbourhood
- Richmond Hill
- Listing Brokerage
- CENTURY 21 LANDUNION REALTY INC.
Experience refined luxury in this remarkable ravine-backed estate located in the prestigious Observatory Hill community. Built by Aspen Ridge in 2022, this exceptional residence offers over 6,800 sq ft of finished living space, including 4,303 sq ft above grade plus a professionally finished basement, enhanced in over $300,000 of premium upgrades. Designed with sophistication and functionality in mind, the home features a rare private 4-stop elevator providing seamless access across all levels. The striking stone and brick exterior is complemented by 10 ft ceilings, smooth ceilings throughout, elegant coffered details, stained oak staircases with upgraded iron pickets, and engineered oak hardwood flooring throughout the main and upper floors. The spectacular chef-inspired kitchen is built for entertaining, showcasing extended-height cabinetry, quartz countertops and slab backsplash, Hansgrohe fixtures, Wolf gas range, Sub-Zero refrigerator, and a dramatic 17 ft waterfall island with servery. Offering 5+3 spacious bedrooms and 6 beautifully finished bathrooms, this home provides incredible flexibility for family living and guests. The luxurious primary retreat features a spa-inspired ensuite with heated floors and a freestanding soaking tub. A standout feature is the third-floor loft with wet bar and walkout to a private rooftop terrace, overlooking breathtaking ravine views. The professionally finished basement adds a large recreation area, separate den, wet bar, and radiant heated floors. Additional highlights include a high-efficiency HVAC system with smart thermostat, 200-amp electrical service, EV charging rough-in, HRV system, central vacuum, and Tarion warranty coverage. Ideally situated just minutes to Yonge Street, Hillcrest Mall, Mackenzie Health, Richmond Hill GO Station, and Highway 404, this is a rare opportunity to own a truly exceptional luxury residence in one of Richmond Hill's most prestigious communities.
Estimate your monthly payments for this property
Estimated Payment
$12,645.82/mo
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Richmond Hill
Richmond Hill is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Richmond Hill
- •Convenient location in Richmond Hill
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Richmond Hill offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
121 Milky Way Drive, Richmond Hill
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Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Fair Market Value
At $817/sqft, this property is priced in line with current Richmond Hill market conditions. The pricing suggests the seller has done their homework. We may have modest room for negotiation, typically 2-4% in today's market.
Market Position
At 32 days on site, this property has had reasonable exposure. It hasn't sold immediately (which often indicates overpricing), but isn't languishing either. There's likely room for a 3-5% negotiation from asking price.
Detached Home Advantages
Detached homes in Richmond Hill are increasingly scarce and valuable. You'll have no shared walls, full control over renovations, and typically stronger appreciation. Consider the lot size and potential for future additions or basement apartment income. Detached homes also offer the most flexibility for growing families.
Larger Home Realities
At 3,500 sqft, this is a substantial home. Budget approximately $400-600/month more for utilities compared to an average-sized home. Maintenance costs scale with size too - roof, HVAC, and cleaning all cost more. That said, space is a luxury that's hard to add later, and larger homes often have better resale in family-oriented neighbourhoods.
Excellent Flexibility
With 8 bedrooms, you have genuine flexibility. Beyond the master and kids' rooms, you can have a dedicated home office, guest room, hobby space, or even rental income potential. In today's work-from-home era, extra bedrooms add significant value. Properties with 5+ bedrooms are relatively rare in Richmond Hill.
Bathroom Count Matters
With 6 bathrooms, morning routines are much smoother. Multiple bathrooms significantly improve daily livability and are a major selling point for resale. Buyers consistently pay more for adequate bathroom counts - this is a strong feature.