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This guy bought #1A for a building-record $440K in 2006. His bank's appraiser said it was 451 ft² and valued it at exactly $440K. (Go figure....)
In 2009, post-bust, he tried to refinance but couldn't because that bank's appraiser said it was 376 ft² and valued it at $350K. Oops.
In 2010, he got it appraised again. That time it came in at 344 ft² with a value of $330K.
Last year he sued the selling broker, his lender, and the lender's appraiser, saying he relied on their misrepresentations.
Tough tittie, said the judge, and dismissed his complaints: "Plaintiff could have easily measured the apartment for himself, particularly after receiving not one, but two different estimates from [the broker] and then receiving the appraisal from [the appraiser] which was also different. Plaintiff failed to do his due diligence, and proceeded to close on the purchase of the residence while fully realizing that he was presented with three different measurements for the apartment."
The usual "reasonable intelligence" phrase is in there somewhere.
Go figure, tough titties.
I love NWT!
The building I am buying in was similar. The seller told the realtor it was one size, then they changed it (smaller) a few days later...then I measured it two times, getting an even smaller number. Made my offer on the smaller sq. footage, at the market price per sq. foot, and the seller accepted. I met someone in my building who lived the floor above the unit, and asked how big their apartment was....the answer was "I don't know". I was astounded to hear that, especially in NYC where everything is based on price per sq. foot.
Buyer beware. Ya think this guyust have heard that before.
The way brokers measure we'll be at w67s $500 ppsf before you know it
the real problem with square footage is that the total misrepresentation is that it inhibits future listings from including square footage measurments. Once, in my early days of re I was considering bidding on an apartment that was listed at 2000 sqft. I knew for a fact that the actual measure was 1750. I made an offer based on square footage but insisted that I only pay for the sqft listed in the original offering plan.
The broker had a good laugh.
Right. Lots of co-op listings don't bother listing the ft². Then the seller can say "Beats me. If you care, then measure yourself, using your own method, and do the same with competing apartments."
In my line, some ads have said 1450, some 1400, a re-fi appraiser said 1350, so I don't know. In the 21 years I've lived here, I've measured the rooms but never calculated the ft². It'd be a PITA, having to measure wall thickness, ins and outs of the perimeter, etc.
Condo ft² is in the offering plan, so is useful within a building, but method can vary between buildings.