Condo Measurements

[Tony Moore]

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4TH FLOOR FLATS - D
ONE BEDROOM / ONE BATH
784 HEATED SQ FT. STUD-TO-STUD / 741 SQ FT. INSIDE-TO-INSIDE
http://www.lattapavilion.com/luxury/index.cfm?type=fl4
This is what is on the builders website.

The agent measured 715 sq.ft., he said he measured to the middle of the stud.

I measured paint to paint, and got 690 sq.ft.

What do you suppose "inside to inside" means from the builders perspective?
The website link is to the condo floor plan.

All of the comps are all over the place, some used the stud to stud, some used inside to inside, and some measured.

Just for conversation purposes, what would you guys do?
(use my measured sq.ft, and adjust the comps, or use the appropriate plan sq.ft. for the subject and the comps?) The condo was built in 2002, and all are resales, most agents used the plan sq.ft., and did not measure.

 

[Mike Garrett RAA]

So what is the big deal over 25 square feet? I measure wall to wall and round to the nearest half foot which could make that much difference too.

 

[Mike Boyd]

Maybe the builder used thick wall coverings and thick paint! LOL. The difference is almost inconsequential. It is difficult to measure wall to wall by yourself and if you are off by an inch or two and if you have a few angles, 50 SF can get eaten up pretty fast.

 

[Webbed Feet]

Mr. Moore,

I have always and forever slammed into that with condos. Nothing ever seems to match up with inside measurements as appraisers do it.

What I do is if I know I have model matches I just explain in the addendum they are such and do not adjust for the footage differences regardless what they are. I explain it has to be a result of everyone measuring differently.

Barry Dayton

 

[Otis Key]

XI, 204.01: Manually Underwritten Mortgages (06/30/02)
Unless we specify otherwise, we require the following exhibits for any appraisal report that is used for a manually underwritten mortgage:
•A street map that shows the location of the subject property and of all comparables that the appraiser used;
•An exterior building sketch of the improvements that indicates the dimensions. (For a unit in a condominium or cooperative project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions.) Generally, the appraiser must also include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium or cooperative project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report. A floor plan sketch that indicates the dimensions is required instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;

The interior or to the half stud - minimal difference and the buyer couldn't tell and most likely won't know. I'd continue with the way I do it - wall to wall.

Edit to add: Barry Dayton posted at the same (+/-) as me. And I also do the same as him. I will measure, include that in the report and then indicate that I've based it upon the recorded SF for any and all sales as well as the subject, as this is how the properties are "typically" marketed.

 

[Tony Moore]

Mike,

Cut and pasted from my MLS.

Latta Pavilion 864 1 1/0 Mid-Rise 2002 1 Parking Space, Par $230,000
Latta Pavilion 864 1 1/0 Mid-Rise 2002 1 Parking Space, Par $233,000

Latta Pavilion 784 1 1/0 Mid-Rise 2002 1 Parking Space $195,000

It may not be a 50sq.ft. differance......

Notice the comp 3; 784 sq.ft.
This is the same as my subject, 784 HEATED SQ FT. STUD-TO-STUD / 741 SQ FT. INSIDE-TO-INSIDE
I measured 690, the agent measured 715.

 

[Couch Potato]

Before making any final judgement on the area of a condo, it is a good idea to read the condo declaration documents. It is not unusual for condo owners to have ownership to the middle of the wall on interior partitions. Occasionally they will even own part of an exterior partition.

With a new development I often get permission to measure more than the subject unit for comparative purposes. I also will sometimes use a different number for the sales comparison grid than for the unit description so that the comparison of size it valid.

 

[Thomas Fiehler]

I think you might be trying to find "perfect comps". Remember that the market is NOT perfect.

 

[Tony Moore]

Great post Greg M., and rest.

Tom,
I just wanted to know how others felt, and dealt with these types of situations. I was looking for more posts like Greg's, and Barry.

I realize markets are not perfect, and I just wanted to show that in some cases (in my experience, high demand condo's, square feet matters, every inch) square feet matters, even the 100 sq.ft. rule that many of us use.

PS: keep in mind that out of the normal 50+ posters, normally 200-500 people will read each thread, and maybe someone else is going through the same situation, and is also looking for advice.

 

[Tony Moore]

Quote Greg M: Before making any final judgement on the area of a condo, it is a good idea to read the condo declaration documents. It is not unusual for condo owners to have ownership to the middle of the wall on interior partitions. Occasionally they will even own part of an exterior partition.

With a new development I often get permission to measure more than the subject unit for comparative purposes. I also will sometimes use a different number for the sales comparison grid than for the unit description so that the comparison of size it valid.

Greg,
You make a great point, so I went to take a look at the declarations for the condo. (51 pages long, gosh)

As recorded for this unit: Heated sq.ft : 730
Interior sq.ft: 681

On builders website: 784 HEATED SQ FT. STUD-TO-STUD / 741 SQ FT. INSIDE-TO-INSIDE

My paint to paint measurements: 690

Barry, I'm with you man.