Another inflated sq footage
Started by 300_mercer
over 9 years ago
Posts: 10583
Member since: Feb 2007
Discussion about 16 West 88th Street
5700 as per property shark.
Five floors that are 17;X73' each according to property shark equals 6205 sq ft by my calculations. And there's an extension that probably accounts for the extra 500sq ft or at least close - not so far off really.
73 includes the extension unfortunately. So you have to subtact 8x20 appx from each floor.
You're right - what are they thinking?
I always wonder how many buyers get turned off when the square footage is clearly overstated.
Curious your views - i am about to list my apartment which i recently bought. Previous listing had it at ~2300 SF. Appraisal had it at ~2450 -
Are you able to find the 2450 by including all reasonable space such as exterior walls etc (if yes it is 2450), or did the appraiser make a mistake? 2450 vs 2300 is with in the tolerance typically. In the townhouse example, you can not come up with the listing space unless you include fully below grade basement and potentially some outdoor space.
The vast majority of listings cheat by about 8 to 12% from actual.
Actually today you are hurting yourself if you dont as well.
Your unit will be comped against another that is inflated by 10%.
But "exaggerating" over this 8 to 12% leaves you open to someone using your true real footage against the overinflated comps.
All this aside, its dumbest to do this with townhouses where square footage is so much further down the checklist.
And you already get to include your staircases, elevator and calculating brick to brick anyway.
Nice property