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majority of apts sq ft numbers are very inflated

Started by steveF
about 12 years ago
Posts: 2319
Member since: Mar 2008
Discussion about
http://www.businessinsider.com/how-price-per-square-foot-in-apartment-listings-is-tricking-you-2013-10 Here's what I say. F the number and then do something crazy. Go see the apt! You'll know right away if elevators, closets, balconies etc. are being included. Plus you'll get to see it's neglected twin..ceiling height.
Response by Squid
about 12 years ago
Posts: 1399
Member since: Sep 2008

Agreed, Steve.

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Response by admor
about 12 years ago
Posts: 2
Member since: Apr 2009

Condos dimensions when taken from declaration are exterior dimensions - it includes all "dead" space - appraisers do an "interior" inspection measuring within the walls to walls and around those dead spaces - always look at an appraisal to get the "real" dimensions - brokers tend to overstate the size, its for their benefit (not yours)

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Response by truthskr10
about 12 years ago
Posts: 4088
Member since: Jul 2009

Jonathan Miller confirms what Ive posted my experiences on previous threads, as I found 90% of floorplans are inflated @ 10%.
And your not being cheated by 10% if 90% of the metrics are based on the inflated footage your comping anyway.

"If you put two licensed architects in a room, you would not get identical measurements," he said. "You would get a close measurement, but there isn’t a level of precision available."

Miller said measurements in listings tend to be between 5 and 10 percent higher than the actual size.

"A 2,000-square-foot apartment might be closer to 1,800," Miller said. "That doesn’t mean that apartment in that building sold for 10 percent more than it was worth."

PS- Steve, how do you not include closets? Would you prefer seller's ripping out all their closets before selling to up their square footage?

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