The square foot dilemma faces me almost every time I visit with a Seller and Buyer. The Seller is always looking for ways to maximize their sale and one easy way is to provide the highest square footage measurement available (“did your sight-impaired uncle measure this???”). The Buyer is always asking, “What is the square footage?” and “what does that come out to per square foot?” to try to justify their purchase in this expensive metro area. Unfortunately, there is no standardized way to measure properties (“what happened to tape measurers?”). I know of many local developers that measure fifty percent of the area INTO any adjacent walls of the neighboring condo owner or common area. If five people go in and measure a condo or loft, I always assume that we will have five different measurements. The tax records provided by DC are infamously incorrect. So what is a condo seller or buyer to do? The best way to establish the square footage is to measure it yourself. (Or hire an engineer or architect to do so, but of course that is costly.) A recent article in the New York Magazine by Jhoanna Robledo, “The Floor-Space Fallacy” quotes Stacey Max a Real Estate Agent in NYC, “People are DESPARATE to quantify their decisions, and (square footage) is one of the few things in real estate with numbers attached to it. How do you quantify view? Or light?” I agree that the BEST thing for a Buyer to do is forget the feet and focus on whether the space actually meets their criteria. “In the end, says Max, the numbers may not be all that useful.” I have found that it is the layout and floor plan that is just as important. As an example, there are some GREAT 1200 square foot 2BR units that feature thoughtful floor plans that feel wonderful. Across the street in a similar product you might have a 1500 square foot 2BR condo that is awkward, uncomfortable and has a dreadfully lay out, little light and no view.
Some helpful hints for Buyers: (1) Make sure to spend plenty of time looking around and getting a feel for what your money can buy and how much space your money will buy (2) compare amenities, quality of product, finishes, light, views, design, etc. in each building as this can trump square footage (3) compare neighborhoods (4) hire a knowledgeable Realtor®, as they can save you lots of time and can educate you on the best buildings (5) make sure to read the Condo or Coop docs when making an offer to see if the building has any financial, legal or other issues (6) try to buy the best quality in the best location you can afford as these properties tend to appreciate more and are more stable when there are downturns in the market, and (7) buy a place you love!
