Square Footage

The square footage problem is a disaster. You dont ever know what you're getting. At best you should view it as a ballpark estimate. It's just as bad in new condos - including percentage of common space in the estimate and other such shenanigans. Go to truegotham.com and dig out Dough's videos on the subject. He called them TGTV and has a 4 or 5 part series with industry experts on the square footage problem.

Nowhere is "caveat emptor" more accuarate than in this area. There are no standard rules for how to compute sq/ft so what is "accurate" is even debatable. Do you measure wall to wall in a kitchen or just the usable floor space minus the countertops/cabinets? Do you measure to the middle of the thickness of a wall between apartments? Do you count the 6"+ of floor space taken up by interior walls or is a room measured only from the outside of sheetrock? How high does the ceiling of an upper loft in the apartment have to be before you include the loft space, too? There are no set answers or such things as "dead accurate" measurements.

I think appraisers are allowed to include a foot or so beyond the walls, as well...

will - not being sarcastic. Either measure it yourself and do the math or have the broker pushing the place do it while you watch.

There is no other way to get an absolute answer.

Inflating sq/ft is not just a way to attract buyers by attempting to convince them the apartment is larger than it is; the inflation also serves to artificially lower the price per sq/ft of the apartment. As a negotiating tool when purchasing, you might consider doing your own quick computation--even w/ seller's broker so he/she sees how you get your number. Take a tape measure when you do a second look if necessary. You will likely find a lower # of sq/ft than estimated by the seller. You then take the offer price and divide it by this number of sq/ft. The price per sq/ft will probably shoot up. If it is out of whack with comparables, you have something to back up a bid lower than the asking price. If the place is a wreck, you can also point out what the estimated price per sq/ft will come out to be after reasonable and necessary renovations.

Get your handyman to go with you to the apt and have him measure it himself. Write down the measurements on a floorplan and do your own calculations. This will help give you an idea if the seller's claim of square footage is reasonable (within 100 sf) or totally lying (250 sf off). I have visited apartments claiming to be 700 sf when they are 500; apartments that claim to be 500 that are 300. Many are no where near as big as they claim to be.

kylewest - having done it, I can tell you that it's very hard to get an estimate of the size of an apartment without doing it very thoroughly and very carefully. Skipping a few nooks and crannies and closets that look inconsequential can put you several hundred sq ft off. Even walls, especially in pre wars, can be several inches off along their length – it all adds up to the point that the ‘quick and dirty’ estimate is basically useless.

I agree, TheStreets, that the best you can get is rough approximations short of an architect surveying the place or the like. Comparables in the building with similar floorplans that have recently been sold/are for sale, offer some help.

Some brokers like Brown Harris Stevens almost never provide square footage.

Unless someone is hired to actually do a square footage appraisal, the most a REBNY broker is supposed to offer is an "approximation" of sq/ft.

Agree with all of the above. Interestingly, hiring a freelance architect to measure for you should be easy and cheap. Hunt around on the internut. I'd guess a freelancer would charge less than 200 bucks. Could be worth it if you're serious about the place. Good luck.