Comments on: Ask Us: “Should structural concrete be included in the condo square footage?” http://thefrontsteps.com/2008/06/17/ask-us-should-structural-concrete-be-included-in-the-condo-square-footage/ Real Estate, Insight, Statistics, Gossip, & News...With a Twist and Some Flavor Mon, 21 May 2012 00:11:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: AJW http://thefrontsteps.com/2008/06/17/ask-us-should-structural-concrete-be-included-in-the-condo-square-footage/comment-page-1/#comment-4840 AJW Fri, 20 Jun 2008 07:11:28 +0000 http://thefrontsteps.wordpress.com/?p=1604#comment-4840 Living area in condominiums is defined in the valuation industry as the interior perimeter of the unit, which can mean either the interior wall area or floor space... the structural concrete is usually outside of both of those areas and is generally part of the building common area and generally should not be included in the condominium living square footage... of course there are always exceptions to this rule depending on how the unit is layed out and functions Of course these shifting definitions highlight the weakness in the price per square foot approach to determining prices... buyers should look to the functional utility of the unit as it compares to other properties in its' market segment; not rely on a single easily manipulatable indicator AJW Living area in condominiums is defined in the valuation industry as the interior perimeter of the unit, which can mean either the interior wall area or floor space… the structural concrete is usually outside of both of those areas and is generally part of the building common area and generally should not be included in the condominium living square footage… of course there are always exceptions to this rule depending on how the unit is layed out and functions

Of course these shifting definitions highlight the weakness in the price per square foot approach to determining prices… buyers should look to the functional utility of the unit as it compares to other properties in its’ market segment; not rely on a single easily manipulatable indicator

AJW

]]> By: Dede http://thefrontsteps.com/2008/06/17/ask-us-should-structural-concrete-be-included-in-the-condo-square-footage/comment-page-1/#comment-4839 Dede Tue, 17 Jun 2008 17:15:48 +0000 http://thefrontsteps.wordpress.com/?p=1604#comment-4839 The question comes down to if the structural concrete is common area or not - or said differently - if it holds up parts of the building the condo owner doesn't own. If the answer is yes, then it should not be included in square footage (nor should it be a basis for calculating HOA dues apportioned by private square footage). If this concrete only holds up the condo owner's property and none other, then an argument can be made that it should be included in square footage. Another way to get at this question would be to ask if the concrete were damaged and needed repair, who would be paying for it, the HOA or the condo owner exclusively. The question comes down to if the structural concrete is common area or not – or said differently – if it holds up parts of the building the condo owner doesn’t own. If the answer is yes, then it should not be included in square footage (nor should it be a basis for calculating HOA dues apportioned by private square footage). If this concrete only holds up the condo owner’s property and none other, then an argument can be made that it should be included in square footage.

Another way to get at this question would be to ask if the concrete were damaged and needed repair, who would be paying for it, the HOA or the condo owner exclusively.

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