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October 26, 2017

What Is The Real Size of NYC Townhouses?

It is common knowledge that the real estate market is one of the most interesting industries in the world. This is especially true when discussing the New York City real estate market.

NYC townhouse rentals are a great example. A large number of these residential buildings have come up in recent times and, as a result, more families and affluent people are moving into this iconic city.

In today’s NYC real estate market, where prices are increasing day by day, townhouses also have increased in size, according to broker listings. We’ll discuss what’s wrong with the current size of NYC townhouses, and what it means for potential buyers.

The Scandal of NYC Townhouse Size Measurement

The Wall Street Journal has reported a new real estate feature, releasing two studies of listing data. These studies highlight that some Manhattan brokers are including extra square footage in townhouse listings. Apparently, their goal is to make the dwellings seem bigger and more expensive.

The key cause of this problem is the fact that there are no laws on how brokers should calculate the square footage of a home. However, mortgage underwriters and evaluators do follow a standard method for calculating square footage. This process ignores the basements and the cellars from their final calculations, according to the WSJ report.

On the other hand, brokers usually employ the assistance of floor-plan artists to get the square footage estimation. This can then be fact-checked through tax records or architecture plans.

But the WSJ’s report reveals that most brokers don’t check these estimates!

NYC townhouse rental

The Case Study

An important example regarding this issue is the Greenwich Village townhouse at 73 Washington Place. The listing data states the house has 8,643 square feet of space. However, it is registered at only 6,000 square feet in the city listings file.

Broker Donna Olshan told the WSJ that she recently made a list of all townhouse rentals in Manhattan that cost more than $6 million. Of her report consisting of 162 houses, she found that 120 houses presented extra square footage on their listings. Additionally, 32 of these houses had square footages bigger than their property rights.

How NYC Townhouse Sizing is Changing the Real Estate Market

As a result of the above scenario and today’s fluctuating real estate market, more and more real estate deals in Manhattan are being made contingent upon financing. This means that if the property in question does not appraise for the agreed purchase price, the buyer is free to take their deposit and walk away from the deal.

The process is grueling for sellers who find themselves tied up for months in a deal with no financial protection. When it falls through, they’re left back at square one.

The question now is why are these issues happening? The WSJ report clarifies that this kind of problem is just because of the rapid rise in real estate prices.

Short Term Rentals NYC provides background checks on all listings and certifies their accuracy. We help make sure you’re getting the best deal on any rental, whether that be an NYC townhouse or short-term vacation apartment.

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