This Dovercourt Village home with three bedrooms and three bathrooms is fairly listed at $1.2 million. So why hasn’t it sold?

X-factor: This large detached property with laneway housing potential and desirable location in a very trendy neighbourhood is likely what will sway most buyers, said Gillian Hull, the home’s listing agent.

Located in the neighbourhood of Dovercourt Village, the Star’s expert real estate agent, Othneil Litchmore, thinks the area is the biggest selling point.

The detached home at 775 Dupont St. offers three bedrooms, a den, three bathrooms, and a laneway two-car garage.

Inside the home, the front foyer opens up directly to a staircase to the upper floor, while the first left is the living room, which has a large window looking out towards the road.

Towards the back of the home is a sizable kitchen with a breakfast bar and lots of counterspace, as well as a dining area.

Litchmore said the cooking area could be renovated but that most things around the house seem to have already been updated.

Hull confirmed that all the bathrooms have been renovated and the flooring is new.

She believes the kitchen is a great size with an already good layout and that a simple facelift would completely refresh the space.

Upstairs there are three bedrooms and a bathroom. The primary bedroom looks out onto Dupont Street.

In the backyard is a patio and garage that exits out onto a laneway.

Hull said a typical buyer for this place would likely be a young family or urban professional.

“It has a lot of space for, you know, a young family to grow into. So I’d say it’s someone looking to get into the detached market, but has been priced out in other neighbourhoods.”

Similarly, Litchmore said a family is more than likely going to be interested in this property, especially one looking for more space and wanting to stay in the city.

Is it listed at its value?

Hull said the price is “quite fair, especially for a detached in a great neighbourhood.”

Litchmore said he also believes it is listed at its value and that the market is probably the reason 775 Dupont St. hasn’t sold thus far.

“There are a lot more homes for sale now, than let’s say there were six months ago. So I think that’s probably impacting why it hasn’t sold just yet,” he said.

Litchmore added that “buyers are being a bit more selective and pickier than they normally are because they have more options.”

A similar home in the area, on Dovercourt Road, sold for $1,477,000 only a few months ago, with the main difference being that it was fully updated, according to Litchmore.

The Toronto Regional Real Estate Board’s report from May said that buyers have benefited in negotiations due to more choice.

In the June report, it was found that “the market has remained well-supplied,” which has resulted in the average selling price slightly dipping.

“I don’t know if it will ever truly be a buyers market in Toronto, but it’s shifting in that direction,” Litchmore said.