Jul. 10, 2008 - loft or not? caution: active ranting ahead

classification irritation
Ever since I began counting new listings and closed sales for Manhattan "lofts" last October I have been aware of -- and irritated by -- the definitional problems in doing such a 'simple' thing. As I said in that first post on October 21, 2007, there is a:

 

 

dicey definitional problem

 

I am catching all listings carried in OLR as "lofts", which I think is dependent on the listing agent checking the "loft" box when they enter the listing. I know this will be under-inclusive because not all agents check the "loft" box even on listings that we would all agree are lofts. I suspect this will be somewhat over-inclusive for the same reason: some agents will identify an apartment as a "loft" that - to a loft-snob like myself - is really only "loft-like".

 

I think that the benefit of standardized data is worth this compromise (not to mention that the data searches are much simpler if I don't have to second-guess what the listing agents have done).

I was reminded of this just today, when two very expensive lofts came to market in the same "west SoHo" (I hate that designation!) building, ironically enough, by the same agent. One is marketed as a "loft"; one is not. No question: both are lofts. Arrggghhh.

The confessed-loft brags about beams and columns and exposed brick and original steel doors and high ceilings -- all classic "loft" indicators. The too-shy-to-be-called-loft brags about the exact same elements but does not use the word "loft" and the agent did not check the "loft" box on the inter-firm database for this listing.

In order for me to be consistent in my reporting, only one of these new listings will show up in this week's report. I still think that is the most reasonable course for me to take to preserve the integrity of the data (limited as that integrity may be) because the alternative is for me to second-guess listing agents (not to mention that it would make data collection much more cumbersome, perhaps even impossible). But it is irritating that there is no better way to do this.

End of rant. Resume normal activities.