Why Is Square Footage Missing on Many Co-op Listings in NYC?
Hauseit
2019-03-14
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The Official Guide to Co-op Square Footage in NYC: https://www.hauseit.com/co-op-square-footage-nyc/
Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
Co-op square footage in NYC is a controversial topic for buyers, sellers and brokers. This is because the vast majority of co-op apartments for sale do not have official square footage figures listed in the building’s Offering Plan.
Because there is no official square footage figure for most co-ops and there are a multitude of ways to measure square footage, the square footage of a co-op is open to interpretation.
Sellers and brokers are hesitant to represent an official square footage for a co-op, as this could open them up to disputes and/or litigation from a buyer who is looking for an easy way to get out of a deal or simply cause trouble.
Co-op square footages in NYC are often exaggerated due to the inherent temptation for sellers and listing agents to overstate the size of an apartment in order to make the price per square foot look more attractive to prospective buyers.
Furthermore, there are a multitude of ways to actually measure square footage. For example, square footage can be measured from interior to interior walls, exterior to exterior walls, interior to exterior walls or some combination of these methods. Furthermore, many condo buildings increase individual apartment square footages by apportioning some of the building’s common space to each unit.
Why Is Square Footage Missing on Many Co-op Listings in NYC?
Square footage is missing on most co-op listings online because many listing agents and sellers are weary of exposing themselves to potential liability and legal trouble if a buyer chooses to disagree with the stated square footage.
A square footage dispute is one of the easiest strategies for a buyer to leverage if she or he wants to try and back out of a signed purchase contract.
On the other hand, there are plenty of sellers and listing agents who choose to list square footage simply because it’s a helpful metric for prospective buyers. Furthermore, many buyers appreciate having some sort of approximation for square footage so they can efficiently sort through available listings and determine which may be a good fit.
Where Can I Find the Square Footage of a Condo in NYC?
The official source of a condo’s square footage in NYC is in Schedule A of the Offering Plan.
can save on commission and closing costs at https://www.hauseit.com
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
Co-op square footage in NYC is a controversial topic for buyers, sellers and brokers. This is because the vast majority of co-op apartments for sale do not have official square footage figures listed in the building’s Offering Plan.
Because there is no official square footage figure for most co-ops and there are a multitude of ways to measure square footage, the square footage of a co-op is open to interpretation.
Sellers and brokers are hesitant to represent an official square footage for a co-op, as this could open them up to disputes and/or litigation from a buyer who is looking for an easy way to get out of a deal or simply cause trouble.
Co-op square footages in NYC are often exaggerated due to the inherent temptation for sellers and listing agents to overstate the size of an apartment in order to make the price per square foot look more attractive to prospective buyers.
Furthermore, there are a multitude of ways to actually measure square footage. For example, square footage can be measured from interior to interior walls, exterior to exterior walls, interior to exterior walls or some combination of these methods. Furthermore, many condo buildings increase individual apartment square footages by apportioning some of the building’s common space to each unit.
Why Is Square Footage Missing on Many Co-op Listings in NYC?
Square footage is missing on most co-op listings online because many listing agents and sellers are weary of exposing themselves to potential liability and legal trouble if a buyer chooses to disagree with the stated square footage.
A square footage dispute is one of the easiest strategies for a buyer to leverage if she or he wants to try and back out of a signed purchase contract.
On the other hand, there are plenty of sellers and listing agents who choose to list square footage simply because it’s a helpful metric for prospective buyers. Furthermore, many buyers appreciate having some sort of approximation for square footage so they can efficiently sort through available listings and determine which may be a good fit.
Where Can I Find the Square Footage of a Condo in NYC?
The official source of a condo’s square footage in NYC is in Schedule A of the Offering Plan.
can save on commission and closing costs at https://www.hauseit.com
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
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