The Square Footage Myth

Part of the reason that real estate brokers in Manhattan are so mistrusted is that they are frequently caught lying. It makes them seem like used car salesmen and it devalues the entire profession.

Obviously, not all of us behave that way. In fact, I feel pretty comfortable saying that most of us do not behave that way. But there are certain inherent problems that make it awkward for us and seem to put most real estate brokers on the spot.

One of these issues is square footage.

When you buy a condominium, you are buying "real property", that is, the actual space in between the walls, as well as a small percentage of the common space in the building. On your offerring plan, it will list the actual square footage assigned to that condo.

In condos, the common measurement is from outside wall to outside wall. So if the broker tells you that the apt you are looking at is 1600 sf, that might technically true, but in reality you might be getting something that's closer to 1450 (see the Ariel if you need a visual).

In a co-op, you are buying shares in a corporation. You are not purchasing based on square footage. Brokers for a long time simply "estimated" the square footage of an apartment, and these numbers became part of the myth of individual buildings. It didn't matter whether they were accurate or not, it was apocryphal yet accepted.

Until the lawsuit. Some time ago,a buyer sued a broker for misrepresenting square footage on a co-op. Since then, it has been standard practice to NEVER quote square footage because the broker could get into hot water.

You could measure the same space twice and come up with very different answers. You could include closet space, or the space between walls.

So, we're really not supposed to quote sf. That poses a problem. Buyers want to know. Buyers are OBSESSED with sf. The problem is that I've seen 1800 sf that seems really big, or some that have really long hallways and tons of wasted, useless space. Size queens aren't looking at what's important..they are stuck on the numbers.

I know of LOTS of apartments where past brokers have put in 1600 sf, for example, but I KNOW from my floor plan guy that it's more like 1500. How do I answer? "It's in my system from prior brokers as 1600 sf, but I think it's slightly less than that".

I'm not lying, and I'm also not giving out information that will only taint a buyer's view of the apt for no good reason. Take a look at an apartment for yourself and then judge. Measure the individual rooms if you want. Invest in a cool laser gadget that measures wall to wall pretty accurately. Make your decision based on thoughtful and careful deliberations. I'll tell you everything I think about an apartment. I'll even tell you approximately the size of the apartment. But don't quote me.

Here's a recent article that deals with discrepancies among condos:

http://ny.therealdeal.com/articles/playing-the-game-of-inches-in-measuring-square-footage