ICAP Member Featured In the Chicago Tribune
In a June 01, 2012 Chicago Tribune Article titled “Understanding the Square Footage of Your New Home” Erik J. Martin writes that all square footage is not created equal, and that many shoppers blindly trust that the size of a new home featured in an ad or brochure is accurate.
The article states that real estate appraisers calculate the Gross Living Area (GLA) as the total finished, walkable and heated area above grade, as measured along the building’s exterior; the article goes on to say that completed areas below grade, such as finished basements, are not included in the GLA.
Bruce Wittman, SRA, ICAP member and partner with Papineau Wittman Group in Joliet contributes to the article by stating that “In my market area, builders are pretty accurate in the square footage they provide, and that builders will sometimes include finished areas below grade in split-level or bilevel houses, whereas an appraiser can only include those areas above grade in the Gross Living Area. In this case, the finished area below grade would be given value in a different part of the appraisal report.”