My Co-op Is Growing: More Evidence of Square Footage Lies
Back on Monday. Here's a recent post that is something I'm passionate about. BTW...I have a solution for the square footage fiasco and will share on the first episode of TGTV...stay tuned.
Jonathan Miller's latest Three Cents Worth graph was posted Friday at Curbed. And the graph shows that condos have decreased in size and co-ops have increased in size over the past 10 years.
Whaaaaaaat? OK, I get the fact that the size gap between co-ops and condos seems to have decreased over the past ten years but how in G*d's name have co-ops increased in size? I will tell you how. Let's not forget that almost every new conversion and new development is condo so the co-op inventory we are talking about is unchanged. My 1200sf co-op that I bought (and sold) 10 years ago is now 1400sf?
All too often, the unfortunate answer is a resounding "YES!" Again we are talking about an unregulated system of quoting or as my profession likes to say, "approximating" square footage (check out the pitfalls of price per square foot). This chart is more proof that as time passes, the "approximate" square footage of many co-ops is trending higher. Jonathan Miller attributes some of the skewing of data to the high end co-op sales of the past ten years. Perhaps, but I think it is more a result of overstating square footage. I have witnessed the "puberty" of apartments in most listing databases: The fledgling 1BR that has gone from 620sf to a handsome 750sf "spacious home," and the Classic 7 room on West End Avenue that "sprouted" a few years back from a measly 2000sf to a robust 2400sf.
The Attorney General's office makes some effort to regulate stated condo square footage but makes no effort to do the same for co-ops. Puzzling to me. Until some sort of regulation is set in place for co-op square footage, growth will continue until one day that now 2400sf apartment will become a 3000sf star NBA center!
Measuring square footage seems to be such a black art that I assume that all sq ft numbers are inflated. Even the rental I've been in for the last two years (basement of a brownstone) was advertised as 750 sq ft but measured out at 550. This is in a building with virtually no common space, just a hallway, and no elevator or amenities, so I think the 750 was just "marketing" (read: BS).
But when I was looking at condos, measuring them myself, and coming up with numbers far below advertised, the agents would just claim that I didn't understand the calculation and that there were common areas, utility space, and "building overhead" that gets divided up and factored into the square footage numbers. How does one get an accurate assessment of this phantom square footage so one can independently verify these claims?
Unfortunately Ira, the only way to compare apples to apples is to carry a tape measure with you and measure properties that you are considering purchasing in a uniform way. Other than that, until some sort of regulation forces my industry to report some sort of accurate measurement of space, it's buyer beware.
Hmm. Is the date wrong on your comments section? Hard for me to believe you could've received a comment on 5/29 for something you posted 7/6.
At any rate, I think there is some minor regulation of co-op sq. footage through the "reasonable relationship" letter that a prospectus must contain. Also, as someone who hired an appraisor to establish shares per unit, there are other factors which 'expand' square footage, like windows. Just sayin'.
Date is correct kaa. If you read the opening paragraph, I was on vacation and re-posted some of my recent posts while I was away. I should have more clearly shown the original post date. Sorry for confusion.
As far as the "reasonable relationship" letter...c'mon now. Please elucidate as to exactly how your windows would "expand" square footage. This speaks exactly to my point that measurement of property is so fuzzy that consumers have no way to compare apples to apples. It's a JOKE! An independent company could provide uniform interior sf measurements for all property which would solve this problem. Measuring space is not rocket science and I can't put my furniture on the window sill or in the walls for that matter.
Stop and think before seeing apartments. Request the floor plan and do the math. If the sq ft isnt what you're looking for, move on!
Solid advice Jeff assuming that floor plans are accurate. Unfortunately, many aren't. Still think that we should use some standard for of measurement.
