What happens if the seller adevertises an inflated sq. fottage than it is in reality?

Are you talking about an FSBO listing only, or broker listings as well?

you place a bid on a sq ft basis.. .say "i'll pay $800psf... then bring a tape measure... FLMAO. You should see the look on their faces... come on shrimpie/jimmy boy.. .that'd make your day...

I am referring to both FSBO listing as well as listing by broker
lets say if it is 30 Sq.Ft feet more that it really is

To answer the original question...in a word, nothing.

30 sq ft is significant in a studio and small 1BR. It is a rounding error in a 3BR so context matters. Also, as has been stated many times by "30 yrs..20 REO", sq ft is a blunt tool for valuing an apartment. Not to sound too much like a broker but building amenities/financials, light, location, elevation, state of repair, and location (yeah, I wrote it twice to reinforce the point) are significant factors in valuation.

It is not all apples to apples.

A buyer has a duty to check it on their own, then make decisions on how much that affects the value of what THEY are buying.
As far as significant amount, that is personal. And I've posted many times on square feet on many threads but I give a up to a 10% leeway on square footage. If it's a full floor apartment, you have to include the stairwell or elevator, it is a luxury to have a full floor apartment.
But the flipside is you can't have a building 20 by 50 and then sell it as 2200 square feet either.

Do your due diligence and if a seller is obnoxiously wrong on square footage because it "doesn't matter," your offer can be substancially less per square foot because "it doesn't matter."

PS- 30 sq ft should be a non issue in any size apartment.....maybe a cabana.

Assume that whatever square footage is listed that it is inflated close to 10 percent. I've seen unbelievable stretches. . .or should I say lies, by brokers on Square footage. I like to call them on it and see their reactions. They always have some half-assed excuse on why their square footage is accurate but it is obviously BS.

no, you have no recourse. Almost all listings have fine print at the bottom that says something like "All square footage is approximate. Hire an architect to determine the exact number."

Also, I believe the square footage number includes the exterior walls, so your not going to have 100% of the square footage in the form of living space.

I don't think you could get a panel of independent experts to agree to a tighter than 30sf grouping on most units (i.e. without telling them the SF up front, the swing on SF from 3 appraisers would probably exceed 30SF).

Years ago, when I was a commercial broker, I had a very informative discussion with a major commercial broker, who showed me the "rubber ruler" -(he delighted in actually having a rubber ruler as a prop) basically, the square footage was whatever you called it. The prospective tenant looked at the space, decided if it worked for them, and then decided if the asking rent was what they wanted to pay.

Residential, may be a little more formal, but again, "all footage is approximate" does rule. Though I vaguely remember a lawsuit against a major brokerage house (elliman, corcoran?) where the buyer did win because the footage was vastly overstated.

Nothing happens because all real estate brokers in Manhattan are ultimately full of something else and willing to say anything to sell/
There is absolutely no integrity and the nice thing, they are NOT supposed or bound to be telling the truth
At best SQF are inflated by 10%, up to 25%.
Just look at the space and figure out how big it is and what it is worth in your estimate

"Residential, may be a little more formal, but again, "all footage is approximate" does rule. Though I vaguely remember a lawsuit against a major brokerage house (elliman, corcoran?) where the buyer did win because the footage was vastly overstated."

I think it was BHS, but I'm not sure.

BTW, it's as much the buyer's fault as the brokers: any broker giving actual square footage is at SUCH a disadvantage because buyers make them pay dearly for being honest about SF.... ALWAYS.

This is precisely why I have never found it logical to judge the value of an apt. based on the price per square foot considering it is so easy to manipulate. I know in the burbs, especially in NJ, many agents don't know the square footage of their listings and if they do know they often won't tell you out of fear of being sued. That's why value is based entirely on location, condition and number of bedrooms/bathrooms.

huh? sq footage is easily measurable to acceptable accuracy

rubber ruler? youre kidding that you bought into that...no?

Agree with U here. I think the onus is on the buyer to measure and verify. I've done this as a potential buyer and it's interesting to watch the seller's agent/rep to see any reaction ...

Ubottom - actually in commercial real estate back then - rubber ruler ruled (really because so many variables in computing space). Again, it was always up to the client to decide if the space and price worked for their company.

As some people on this board have suggested, might be more useful for residential buyers if they followed a similar practice, rather than focusing on "stated square footage"

and Ubottom - are you the kind of person who doesn't include interior walls, closets, etc when you're making your calculations? Some people posting on SE don't include these when making their calculations, and they definitely do need to be factored in.

if i am comparing apts i measure with consistency apt to apt
typically i measure estimated mid-wall-depth perimeter, and of course include closets and usable interior space. i include mechabnical rooms specific to the space (as in apt specific central air, heat pumps etc

and re commercial your comment express your lack of experience--in commercial the "loss factor" makes sq footage complete fiction, such that the only way to know anything is to measure for oneself with a consistent approach re perimeter vs interior measuremant

it's so lame to claim that measuring is hard to do---get a laser if you donet like using a tape and get a calculator if youre math impaired

i measure for my own guidance as i do deals, not to compare to whatevr garbage is produced by borkers

as i say with all this crap tho, be your own advopcate: research (incl measuring spaces), and bid the levels that work for you....dont listen to anything the borker says...they are often way less informed than you can be with simple research

and dont listen to the "there's a better bid, that wont work" shit..

There are multiple accepted ways to measure square footage. From what I have been told, an architect's measurement is to the middle of the wall, and the designer/appraiser method is to calculate usable space which is to the inside of the wall. They are both correct in their own way; the former tells you what you own, and the latter tells you what you can use. A good seller's broker will be honest with you about which measurement method was used; ours was, and the difference between architect's and appraiser's measurements was 6% - I can live with that.

Whatever is filed with the Attorney General per the offering plan is what you are buying and in turn selling. Whether it feels like that or not is your call. Some places feel like the square footage and some don't. 10 differnt people will come up with 10 measurements, all of which will never come to the square footage filed with the AG office. That is the way it is in New York, don't drive yourself crazy. Your biggest concern should be whether the advertised amount is the same as what is filed with the AG's office.

Here's an inflated square foot benefit;

Under a new bill passed by the New York legislature, the credit would be equal to $4.50 per square-foot of roof area that is planted with vegetation, or approximately 25 percent of the typical costs associated with the materials, labor, installation and design of the green roof.

http://www.environmentalleader.com/2008/06/29/tax-credits-for-green-rooftops-in-nyc/

And if someone could translate this into English;

5. A tenant who occupies or uses eligible premises for which a
certificate of abatement is issued pursuant to this title shall not be
eligible to receive a second certificate of abatement for the same
eligible premises. A tenant who occupies or uses eligible premises for
which a certificate of abatement is issued pursuant to this title and
who, upon the expiration of the lease for such eligible premises,
relocates to otherwise eligible premises, shall not be eligible to
receive a certificate of abatement for such otherwise eligible premises,
except to the extent that the square footage of such otherwise eligible
premises exceeds the square footage of all eligible premises previously
occupied or used by such tenant for which such tenant held a certificate
of abatement. If the square footage of such otherwise eligible premises
exceeds the square footage of all such eligible premises previously
occupied or used by such tenant and if there is any variation in the tax
liability per square foot of such otherwise eligible premises, then, for
purposes of determining which square footage in such otherwise eligible
premises is entitled to an abatement pursuant to this title, square
footage with the greatest tax liability per square foot, in an amount
equal to the square footage of all such eligible premises previously
occupied or used by such tenant, shall first be excluded.

http://law.onecle.com/new-york/real-property-tax/RPT0499-B_499-B.html