Square Footage Questions Answered
November 15th, 2008 categories: Buying Real Estate in Coconut Grove
I received an email yesterday from a reader who is very much on top of things. He asked me why the square footage of the home at 3500 Frantz Avenue (yesterday’s post) is listed at 6,263 sq. ft. on the Multiple Listing Service but only 5,051 sq. ft. in the tax records.
Did the listing agent make up this higher number? No.
When a realtor inputs the square footage of their listing into the MLS, they take the number from one of three sources.
First, they may take it off of the tax records (this is the most common).
Second, if the owner has changed the square footage themselves or knows that the tax records are wrong, they may have gotten an appraisal from a licensed appraiser that shows a higher square footage. If this is the case, you will usually see the caveat “Square Footage is per Owner’s Appraisal”.
Finally, if it is a new construction home, the listing agent probably received the square footage number from the plans recorded with the City. If this is the case, then the square footage of the house will include a portion of the balconies and garage.
We see discrepancies in square footage quite a bit in Coconut Grove real estate because many owners have added on, converted and renovated their homes without the permission of the City.
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Riley, this is so interesting. The square footage of a home is probably the most important thing next to location about a home. Since I have been a new agent 20 years ago, in our area we have been told not to put it in our information because of liability? When people move to my area from across the country they have a hard time with this. I think it should be disclosed. However, your point here is is absolutely right, the changes that owners make over time can make the difference. I feel a post coming on!!