In many condo buildings when I look at past sales on StreetEasy, it is not uncommon that the square footage for same line units will vary, even the exact same unit that undergoes multiple sales over several years, the listing agents report different square footage. And in almost all cases, the listed square footage is higher than the condo offering plan. How are these other square footage... [more]
In many condo buildings when I look at past sales on StreetEasy, it is not uncommon that the square footage for same line units will vary, even the exact same unit that undergoes multiple sales over several years, the listing agents report different square footage. And in almost all cases, the listed square footage is higher than the condo offering plan. How are these other square footage measurements being made or are they just made up by the listing agent? And what is considered a “typical “ deviation from a condo offering plan. 5%? 10 or 15%. And I have been told that sometimes agents/sellers will inflate square footage for a unit by incorporating the units % of common elements in the building and adding that to the units square footage which really seems wrong. Is this a common practice? Finally, is there an app or tool that can take a pdf of a floor plan and give an approximate square footage. Thanks in advance
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Response by 300_mercer
about 4 years ago
Posts: 10570
Member since: Feb 2007
For condos, sales listing has to follow condo offering plan and most listing (95 percent plus) I see do. So it is certainly not a common practice to inflate the square footage vs condo offering plan. You can complain to Attorney General about such listings and they will likely take action.
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Response by front_porch
about 4 years ago
Posts: 5316
Member since: Mar 2008
The unit's percentage of common square footage is ALREADY in the offering plan number -- that's why condo footprints, esp. in high-amenity buildings, don't match the offering plan number.
I don't understand why, since one has it, a listing agent wouldn't just use the offering plan number -- but if you're going to round up, you don't have that much room, IMHO, before the rounding up starts to be fraudulent. I agree with 300_mercer that that's worth complaining about.
ali r.
{upstairs realty}
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Response by 300_mercer
about 4 years ago
Posts: 10570
Member since: Feb 2007
Units square footage as per offering plan stated square footage calculation methodology is also in the offering plan. So if someone is rounding up 997 to 1000, it is probably fine but 997 becoming 1050 is certainly an issue. It should really be listed as 997. You will never be able to calculate this square footage just from the floor plan as in new condos exterior walls are typically included and and each sponsor is allowed to use their own methodology as long as they state it clearly.
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For condos, sales listing has to follow condo offering plan and most listing (95 percent plus) I see do. So it is certainly not a common practice to inflate the square footage vs condo offering plan. You can complain to Attorney General about such listings and they will likely take action.
The unit's percentage of common square footage is ALREADY in the offering plan number -- that's why condo footprints, esp. in high-amenity buildings, don't match the offering plan number.
I don't understand why, since one has it, a listing agent wouldn't just use the offering plan number -- but if you're going to round up, you don't have that much room, IMHO, before the rounding up starts to be fraudulent. I agree with 300_mercer that that's worth complaining about.
ali r.
{upstairs realty}
Units square footage as per offering plan stated square footage calculation methodology is also in the offering plan. So if someone is rounding up 997 to 1000, it is probably fine but 997 becoming 1050 is certainly an issue. It should really be listed as 997. You will never be able to calculate this square footage just from the floor plan as in new condos exterior walls are typically included and and each sponsor is allowed to use their own methodology as long as they state it clearly.
Calculating square footage using Adobe Acrobat:
https://youtu.be/5Ra4kgOGq9Q