price per square foot

Definition

A metric that pretends all square feet are created equal, whether they're in a penthouse or a basement. It's the real estate version of judging a book by counting the pages without reading any of them.

Example Usage

At $500 per square foot, this closet-sized studio in Manhattan is actually a bargain compared to the shoebox next door at $600.

Source: Real estate valuation metrics

Related Terms

Intermediate

commingling

The illegal practice of mixing client funds (like earnest money) with personal or business operating accounts, a violation that can cost real estate agents their licenses. It's the financial equivalent of inviting the state licensing board to audit your worst decisions.

🏠 Real Estate

Intermediate

Fair Market Value

A completely made-up number that everyone pretends is scientific because an appraiser with a clipboard said so. It's "fair" the same way a casino is "fair" -- technically accurate but someone always feels robbed.

🏠 Real Estate

Intermediate

tenant improvement allowance

Money the landlord provides for the tenant to customize leased space, typically in commercial properties. It's the 'make yourself at home' budget that determines whether you get new carpet or get to keep the previous tenant's questionable design choices.

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Advanced

option contract

An agreement giving someone the right, but not obligation, to purchase property at a set price within a specified timeframe. It's essentially renting the opportunity to decide later, popular with investors who want to control property without owning it yet.

🏠 Real Estate

Intermediate

credit repair scam

Predatory services promising to magically fix credit scores for upfront fees, usually doing nothing illegal that borrowers couldn't do themselves for free. It's the housing market's equivalent of those 'lose weight without diet or exercise' ads.

🏠 Real Estate

Advanced

right of first refusal

A contractual right giving someone the first opportunity to purchase a property before the owner can sell to others. It's like a permanent dibs on real estate.

🏠 Real Estate

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