$999,000

For sale

94 Formosa Drive, Richmond Hill (Rouge Woods) - Single Family for Sale

94 Formosa Drive, Richmond Hill (Rouge Woods), Ontario, L4S1T1

3 beds3 baths3 parking1,750 ft²21 × 102 ft (2,123 sq ft) lot sizeListed 16 days ago

Overview

This 3-bedroom, 3-bathroom home in Richmond Hill is for sale offering roughly 1,750 sq ft of space. Listed at $999,000, it is attractively priced about 36% below the $1,549,000 median asking price in Richmond Hill. It has been on the market 16 days, fresher than the Richmond Hill average of 70 days.

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Description

Opportunity knocks on a premium lot in one of Richmond Hill's most sought-after pockets. Situated off Bayview and Major Mackenzie, this 3 bedroom, 3 bathroom semi just under 1600 square feet of above grade living space. The open concept main floor is filled with natural light. The bedrooms are generously sized. The primary bedroom features a walk-in closet and private ensuite, with a second full bathroom upstairs. The finished basement has a walk-out to the backyard, offering in-law suite potential. Mature trees in both the front and backyard provide added privacy. Interior access to the attached garage provides everyday convenience. Whether you are an end user looking to renovate and make a property feel like your own, or an investor looking for strong rental income potential, this is a true value-add opportunity. Minutes to Highway 404, big name retailers, restaurants, and parks, all within the Bayview Secondary School area. Homes with this much upside in this location don't come around often. (id:66096)

Property Details

MLS®: N14093166
Property Type: Single Family
Bedrooms: 3
Beds (above / below): 3 above · 0 below
Bathrooms: 3
Half Baths: 1
Parking: 3
Interior Size: 1,750 ft²
Lot Size: 21 × 102 ft (2,123 sq ft)
Frontage: 20 ft
Storeys: 2
Basement: Finished, Walk out, N/A
Heating: Forced air, Natural gas
Cooling: Central air conditioning
Garage: Attached Garage, Garage
Ownership: Freehold
Property Tax: $5,837.59/yr

Rooms

Main level

Kitchen: 5.55 x 2.72 meters
Dining room: 3.08 x 2.89 meters
Living room: 4.29 x 3.82 meters

Second level

Primary Bedroom: 4.29 x 5.11 meters
Bedroom 2: 3.53 x 3.1 meters
Bedroom 3: 3.01 x 2.76 meters

Room details as supplied by the listing brokerage. Dimensions are shown in the unit the listing states, and are approximate.

Features

Appliances: Washer, Refrigerator, Dishwasher, Stove, Dryer, Hood Fan, Water Heater
Foundation: Concrete
Exterior: Brick

Services

Water: Municipal water
Sewer: Sanitary sewer

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

16d

Richmond Hill (Rouge Woods) listings, avg age

70d

Price / ft²

$571

List price

$999K

Homes here sell faster than most markets

Sold homes in this market spent an average of 35 days on the market over the past year, against a median of 48 days across the markets we publish.

Homes here sell close to asking price

Homes in this market sold for an average of 97.7 percent of their asking price over the past year, above the 96.4 percent median across the markets we publish.

Haho

This 3-bed single family in Richmond Hill (Rouge Woods) has been listed for 16 days, which is 54 days fresher than the city average of 70. Act while there is still low competition.

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Listed by SOTHEBY'S INTERNATIONAL REALTY CANADA · CHRISTIAN SCHIAVONE

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (L4S)

This home lists at $999,000, about 8.4× the local median household income of $119,000.

Carrying it typically needs a household income of about $195,140 (20% down, 25-yr amortization, stress-tested) — roughly 64% above the area median.

Median household income: $119,000
Population: 36,688
Median age: 43.2
Owner / renter: 85% / 15%
Avg. household size: 3.2

Source: Statistics Canada, 2021 Census (FSA L4S)

$999,000· $571/ft²

For sale

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Full Cost Breakdown

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Down Payment7.50% · $74,900

Min 7.50%50%

Mortgage payment$5,123/mo

↳ CMHC premium ($36,964 capitalized)

Property tax (est.)$486/mo

Total monthly$5,610

Cash Needed to Close

Down payment (7.50%)$74,900

Land transfer tax$16,455

Est. closing costs$5,497

Total cash needed$96,852

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