Measuring condo's

[B1trying]

I do alot of condo's and generally speaking have comps within the project. However, one I am working on now going to have to go nearby projects. The problem is that MLS list sqft from what the original developer said it was. They are always smaller because developer included walls and many are foot thick. This goes back 30 40 years. County has never maintained a record. If I am using comps out of the same project that are the same floor plan I can just report the actual measurements in the sales grid and make a note about why I used a different sqft than what MLS said it was. I actual measurement of many of units in the area over the years so I know a lot of them from prior assignments. but in this particular case two of the comps I don't have actual measurements. The most rational thing tells me to put the MLS sqft in the sales grid for the subject and all the comps as it is what the market is basing there buying decision and most mimics the market, but I think FNMA says otherwise. I have been thinking of just reporting what the subject measures and the comps at what they are reported as in MLS then make a GLA adjustment at a much smaller rate than typical. Which is what the GLA is selling at. Any suggestions or different ways of handling this.

 

[Michael S]

Are the condo plats recorded? I always try to get a copy of the condominium plat as it will included exact size based on interior measurements.

If not I would take the MLS reported size and apply an adjustment for the difference. So if you have a few examples where you measured units that were 1,000 square feet and the MLS reported them as 1,050, you would make a 5% adjustment. If you're coming up with a wide range of differences this may not work very well but it sounds like you have several examples to work with.

 

[CindyR]

Are the condo plats recorded? I always try to get a copy of the condominium plat as it will included exact size based on interior measurements.


If not I would take the MLS reported size and apply an adjustment for the difference. So if you have a few examples where you measured units that were 1,000 square feet and the MLS reported them as 1,050, you would make a 5% adjustment. If you're coming up with a wide range of differences this may not work very well but it sounds like you have several examples to work with.

Just a reminder that the data available in your state may vary significantly from the data available in all 49 of the other states. Just because you can measure from the condo plat does not mean they will be available to this Florida poster.

That sounds like a reasonable approach to insure that you are using a consistent methodology to compare the subject and comparables to one another.

 

[B1trying]

That was one other approach I have been kind of banging around. They don't have the original floor plans recorded. I have collected floor plans for years when they were available and just run up against in years. I am going to call a couple of friends and see if any of them has actually measured a similar floor plan of a comp. But a percentage and based on others measured would be supportable with data.

 

[Tim The Enchanter]

The condo plats with dimensions are great in LA County. Except now and then you get one that has the 2 story living room counted twice, or some other bad info. Then it's a pain like you have here.

Ventura County, they don't have them.

 

[B1trying]

This particular county appraiser office has the original developers sqft. They are always bigger than what they measure. They often include a storage room just outside the front door around 20 to 30 sqft maybe.

 

[Riick]

My interior measurements almost always differ from the GLA shown in County records.
For consistency, although I show the measured GLA in the sketch, I *use* the
square footage from the County in the grid, for both the subject, and the comps.
...AND of course make sure the reader knows what I'm doing, and *why*.
So far, so good, never had any comebacks.
What are they going to say?; The Assessors records are wrong for the subject but
right for the comps, or the exact reverse of that?
.

 

[residentialguy]

Condos are the worst for this problem. We just have to deal with the cards that have been dealt.

 

[CindyR]

My interior measurements almost always differ from the GLA shown in County records.
For consistency, although I show the measured GLA in the sketch, I *use* the
square footage from the County in the grid, for both the subject, and the comps.
...AND of course make sure the reader knows what I'm doing, and *why*.
So far, so good, never had any comebacks.
What are they going to say?; The Assessors records are wrong for the subject but
right for the comps, or the exact reverse of that?
.

Thank you Rick. I too employ this approach in those circumstances where this is the most accurate and consistent method to compare the subject and comparables but have gotten some pushback on occasion no matter how well i explain it.

 

[chad hampton]

I wouldn't adjust for GLA of condos that you know are identical. I don't care what the MLS says the GLA is. If you know those units are 1,000 and the MLS keeps saying all 2 bed/2 bath units are 1,100, your unit shouldn't be less.

IMO, it would be misleading to adjust for a 2 bedroom/ 2 bath condo that you know are exact dimension/model matches. Common sense should over ride what the MLS or original developer thinks.

I'd just put a comment in the report that's says the MLS GLA for comps #1-#3 are incorrect as the they are taken from public record which historically has included measurements to the ext of walls. Appraiser used measurements to interior walls.