Your units square footage does not include common areas used by others, but it will include the terrace or other outside space that belongs only to the unit. But the square footage being so significantly lower than stated is a concern as far as the price and you should have a Realtor look into recent sales for this type of unit and shares.
I hope this helped you.
you can e-mail me at email@example.com and I can discuss this with you further. I live in Bay Ridge and my office is in Brooklyn Heights so I am all over Brooklyn daily. Good luck!
Many co-op apartments in Brooklyn do not have floor plans, hence the square footage is usually estimated. Some real estate agents are better at estimating than others and some actually measure the apartment like you did. The bottom line is that no matter how you look at it or measure it, the apartment you see is the apartment you are buying.
It is very hard to determine value of shares of stock with a co-op. When people purchase a co-op it is not based on a per share price but rather the market value of all the shares on a particular unit at once. The value changes on a daily basis just like regular stocks but the price is not fixed by the Dow Jones. The price is set based on what a buyer is willing to pay for the unit.
If you need to figure out a per share price, simply divide the sales price by the number of shares on each unit in the building and average it out. Still this would only be an average, not an actual equation to determine the value of the apartment overall. You have to look at comparable sales within the building to get an average selling price and then divide by the shares to get the average value of the shares at this particular time.
Quite often the square foot listed on web sites like Trulia is an estimate, so you have to be careful. If you are concerned about square foot value, make sure you physically measure every unit you are planning on making an offer on just to be sure.
There is no universal equation for number of shares and sale price because the number of shares attached to a building or apartment varies from building to building. If you look at all the units in one particular building you will see that the apartments with more square footage have more shares of stock and higher maintenance amounts. However, sometimes there are other factors that can have an effect on the number of shares and/or maintenance amounts such as the floor number and exposure or views.
In the end you just have to determine what your budget is, look at everything that fits within your budget and then hope that one or more of those is big enough and/or good enough that you want to buy it. If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Co-Ops are almost never sold by square feet and you cannot compare one buildings price to another, it all depends on what is included in the stock, how well managed, maintained, financed etc the building is, just the same as comparing one stock to another on Wall St.
Your best comps are stock prices within the building, bare in mind not all 1BR's in a building will have the same amount of stock, the listing broker should be able to get the stock prices of recent sales and comparable current listings. Or a good local broker that specializes in that area could help you.
I hope this is helful, good luck.