The Square Foot Solution

We all know what a mess it is trying to figure out the true square footage of an apartment in Manhattan. A lot has been said on the subject and Broker_Confidential will not belabor the point here. This blog entry focuses on trying to come up with the simplest solution to the problem.

The city's brokers have struggled for years to come up with viable solutions. The Real Estate Board of New York's current guideline is not to quote square feet at all and only disclose the number of rooms. Disclaimers on advertising and showsheets cover the broker's legal behind, but they only add to the problem.

Let's face it: As long as space can be divided, and as long as humans are willing to pay for space, the need and desire to calculate square feet is NOT going away. Being unable to accurately quote square footage, and price per square foot, is a major obstacle in our daily business. Our inconsistency undermines our credibility in a BIG way and will continue to do so until we, as an industry, agree on a universal method.

Before we outline our proposed method, it is important to acknowledge two prerequisites for any possible change:
1) Agents must diligently question the stated room measurements on floor plans and be willing to take her/his own measurements;
2) Brokerage firms and listing system providers must be willing to check, and clean out, old apartment square footages in their databases as well as maintain the dignity of the information.

Broker_Confidential proposes that square footage always be stated as gross square footage (GSF) and the GSF shall be estimated in the following way:

* Break up the layout of the apartment into squares and rectangles to easily calculate the GSF of each area, then:

1) Multiply the total length from the inside of the wall or window of the FRONT of the area to the inside of the wall or window of the BACK of the space.

2) Multiply the total length from the inside of the wall or window of the RIGHT side of the area to the inside of the wall or window of the LEFT side of the space.

3) Add the two measurements together.

Example:
Front to back: 50 feet
Right to left: 28 feet
50 X 28 = 1,400 GSF

* If a wall interferes in such a way that a straight measurement from the front to the back and/or from the right to the left cannot be conducted, then 1/2 foot shall be added to the total length for each interfering wall.

Example:
Front to back: 50 feet + 1/2 foot (interfering living room/kitchen wall)
Right to left: 28 feet + 1/2 foot (interfering hallway/bedroom wall)
50.5 X 28.5 = 1,439 GSF

* Any space embedded in the apartment's floor plan that is not for the sole use of the occupant (i.e. public stairwell, airshaft, elevator shaft, etc.) shall be measured and subtracted from the GSF.

* Common Areas, including those where the apartment carries a "common interest" percentage (condominiums), shall be excluded from the GSF of the apartment.

* Exterior square footage (balconies, terraces, roofs, etc.) shall be quoted separately.

Brokers must continuously educate buyers and sellers about square footage because sellers sometimes assume their homes are larger than they really are and buyers sometimes think they need more square footage than they do. Which brings us to what is really the crux of the matter: As straightforward and mathematically immutable as the measurement of space should be, there is a significant psychological reality with which brokers have to deal. This, however, presents a terrific opportunity for the brokerage community to exert itself and gain some of the credibility it so urgently needs.

Tell us what YOU think. Your comments, questions, suggestion are welcome!