Welcome to this remarkable 2 1/2 Storey detached located in the coveted neighborhood of Observatory. Expertly crafted featuring premium brick and stone construction, this residence presents an exceptional opportunity offered at $2,518,000 to acquire a beautiful home in a highly sought-after setting. Designed for both comfortable daily living and elegant entertaining, the layout maximizes natural light, functional flow, and lifestyle utility.
Experience refined luxury in this remarkable ravine-backed 5+3 bed 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 kitchen is fully upgraded and built for entertaining, showcasing oversized appliances, 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.
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Fenced Yard, Park, Ravine, School, Rec./Commun.Centre
Carpet Free, Central Vacuum, Auto Garage Door Remote, ERV/HRV, Water Softener
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Data-driven valuation for 121 Milky Way Drive, Richmond Hill, ON L4C 4L9
Based on 0 recent similar sales in the pocket.
Properties in this area are selling at a steady pace.
Calculate your monthly payment, minimum downpayment, and land transfer taxes for this home in Richmond Hill.
About Purchasing a Home in Richmond Hill, ON
For a property listed at $2,518,000 in Richmond Hill, the legal minimum down payment is $503,600 under current Canadian banking regulations. This calculation applies a 5% requirement on the first $500,000, 10% on the next $499,999, and a flat 20% on any amount exceeding $1,000,000.
Additionally, buyers in Ontario must budget for the Provincial Land Transfer Tax, which is estimated at $49,425 for this transaction. As this listing is in Richmond Hill (outside the City of Toronto), no additional municipal land transfer tax is levied, resulting in total estimated land transfer taxes of $49,425.
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Disclaimer: AI Insights are generated by an automated system and should be used for informational purposes only. While we strive for accuracy using current market data and deep-learning models, these assessments do not constitute professional real estate, legal, or financial advice. All property values, predictions, and scores are estimates. We strongly recommend verifying all property details and conducting independent due diligence with a licensed professional before making any purchase decisions.