Michael Baker, Licensed Real Estate Salesperson

🏙️ Just Listed in Manhattan, NY!

This sleek studio at 102 West 85th Street, Unit 5B, has everything! Enjoy the convenience of a concierge, elevator, and voice intercom, plus the security of video security. With access to a part-time doorman, bike room, and private storage for rent, this highrise gem offers city living at its finest. Laundry in the building adds extra ease to your urban lifestyle. Pets welcome!

February Downtown Market Update. As we approach the Spring selling season, I’m anxious to see where the real estate market is headed. My most recent newsletter outlines the supply issues we’re seeing, how interest rates are affecting the market, and my thoughts on the future of real estate commissions. Click the link in my bio.

SOLD -

This deal is solely responsible for thousands of dollars in therapy sessions, an equal dollar amount of wine consumption, and a viscous bout of insomnia. Just when I began to lose faith, the stars aligned, and we got this deal to the finish line.

I'm grateful for the opportunity a close friend gave me to represent her. It's not lost on me that she had thousands of agents to choose from, and she continued to do so to the end.

I also couldn't be happier for the buyer, who I know personally from Equinox. He's a gem, and I get the impression that owning his first home means a lot to him.

Happy Friday!

When buying a home in New York City, you need to be aware of several closing costs. These costs can add up quickly, so it's important to budget accordingly. If you have any questions about the other fees, just drop me a message.

For more details, please refer to this link:

https://mikebaker.nyc/blog/10-common-closing-costs-for-nyc-apartment-buyers

How much rent can I afford in NYC? If you’re moving to New York City, it’s important to understand what you can afford. It’ll allow you to narrow down what neighborhoods are viable with the in...

New post on why I'm still bullish on the NYC Market. Real estate is hyperlocal and a lot of buyers bought at the top. I would expect to see some markets take a long time to get back to the all-time highs we've seen over the last 24 months. But, much of US real estate will trend higher.

Click through to find out why!

6 Reasons I'm still bullish on the NYC Real Estate Market You’re going to hear the narrative that the real estate market is shifting. It’s easier to sell the negative. It’s clickable. Articles titled “10 Reasons Everything is Going to be Okay!” appeals to very few. It’s easier to get your attention if I’m screaming, “the sky is falling”

Hi Everyone,

I've put together a post discussing sales data in Manhattan. Brooklyn will come later this week but give it a read and subscribe for regular updates.

I'll be discussing not only borough-wide data but neighborhood-specific information as it comes in.

I'm really sensitive to the bu****it that agents put in my inbox every hour. Rest assured that I won't be doing this to you.

Friday the 13th Real Estate Updates. And some other stuff

I've suffered from the "woulda, coulda, shoulda" for a long time.

Shoot, I think New York wouldn't be what it is without the constant pressure to perform, excel, or do MORE. There's value to that pressure, even if it is a little nutty.

But it can go too far and feel overwhelming trying to keep up, especially when I'll only post my highlight reel for you to see.

Constantly asking myself, "Why is this important?" has been a significant change since the beginning of the pandemic.

Work dried up, and I hung out with my kids 24/7.

I couldn't answer why working seven days a week was so important to me...I was running someone else's race. I had it in mind that I needed to make X much money per year, buy a bigger house, go on expensive vacations, etc.

As I said, there's value to the pressure and hustle. There's a time and a place for it, but we should be concise about why.

We should also look objectively at who we are comparing ourselves to.
Is their situation like ours?
Do they value the same things?
Do we have the same start and finish line?
Is more money that important? Do I give a s**t about that vacation, or is someone else telling me I should care?

If after we answer these questions, we still choose the same race, then go forth, and prosper. But at least we've contemplated the question.

Just my thoughts...

Michael Baker, Licensed Real Estate Salesperson updated their website address.

Something to noodle on this Monday. As humbling as it may be, the world owes us nothing and we can't grow custom to expecting otherwise.

We can swap WORLD with a number of other entities(the government, political parties, celebrities, society) and come to the same conclusion.

Greenwich Village saw a significant reduction in listings and a slight uptick in Pending Sales in February. The median price jumped 41.3% in the month.

Every number we've seen is indicating that The Village favors sellers with only two months of supply available.

While supply saw an uptick last week (+19), pending sales were up 12 listings, and five listings were taken off the market.

Follow the page for more market updates and information.

Food for thought on a Monday. Especially if your weekend was particularly gluttonous.

Food for thought on a Monday...

The West Village had a busy February with 30 homes selling in a short month. That's a 20% change year-over-year. Days on the market are also down.

The median closing price was ~$1.3M, which was flat year-over-year.
The most eye-popping stat, which isn't in the picture, is the percentage of sales over the asking price last month. 32% of the total sales went over ask. That's a 1300% percent increase over last year. When coupled with the median prices, it seems that sellers have EXTREMELY realistic expectations about price. It's wise that sellers are letting the market determine list prices.

Bidding wars, days on the market, and absorption rates are all indicating that it's a seller's market. Inventory remains uncomfortably low. While buyers will see more stock come on, it'll be a competitive environment throughout 2022

Thank you very much for the recommendation! I am always humbled by my client's words. It was a pleasure to work with my client Richard and help him guide to finding their new home as a first-time buyer. It has always been my responsibility to assist you and others in finding the dream home you wanted. I wish you happiness in your first new home. If you know anyone who are interested in working with us, we'd love to connect with them.

The most rewarding part of this job is finding a client a home that they love. The money is nice but it's not as motivating as I thought it would be. What's more important is giving my clients the feeling that they've found a home that they envision making memories in.

Max and I are always passionate about helping our clients find their dream homes, and we are pleased to know that they are satisfied with our service. If you are interested in working with us, we'd love to connect.

Hmmmmmm... I'm wondering where the other 44.6% are selling homes.

I hear questions from concerned buyers about waiting this out. In hopes that the market will crash and they'll have a chance to scoop up a deal.

They're going to wait for years to swing while the real estate market runs away from them.

Here are 4 reasons that the lack of housing supply will drive this 2022 market.

1. Millennials: Household formation in this cohort is increasing. The percentage of Millennials owning homes is also up.

2. Aging in Place: Our parents are living longer and aging in place. Typically, these homes would be sold or even passed down to younger generations.

3. Inventory is Low: It's estimated that we are ~5 million homes short of the demand. Builders aren't going to fill that gap right away. The last time they overbuild they were caught with too much supply. They'll continue to supply but it'll be slow.

4. Money is cheap: Interest rates are still 3.22% for a 30-year fixed-rate mortgage. The average over the last 10 years was 3.78%. While an uptick in rates might slow down housing appreciation, it won't slow down the demand. We have to remember, Median sales price are up 16.57% in 12 months compared to a 4% annualized change since 1990.

Just Listed for Rent! 🏡✨

Don't miss out on the opportunity to lease this recently painted and available immediately. Its rent-stabilized, making the apartment a great value.

For more information, check out the link below!

https://mikebaker.nyc/

Finally Sold! Well above the asking price.

Staging really set the tone on this one. In 2020, we just couldn’t sell the damn thing. We had two offers fall through when buyers got cold feet.

Aside from the pandemic, the apartment was dark and empty. Our tenant had taken all her furniture when she moved out.

It didn’t get anybody excited about the prospect of living there. Our owner sublet for a year, made 48k in rental income.

From there, he took our suggestions and improved the lighting, partitioned a bedroom, and spent some serious $$ on staging.

This work added $26,000 to his sales price with pretty quick changes. We got an offer in 7 days and a contract in 30. This apartment crushed it and was strategically positioned in hopes of getting a result like this. We’re happy we could get the deal done.

With that being said, It's been a long grind since I started selling with Compass in 2017. This deal was special as it was the first time, I felt like I could make it in this business.

I didn't think it would come easy, but it's been challenging. There's been self-doubt and negative internal commentary. I've nearly called it quits dozens of times.

I've been gut-punched, I've grown a thicker skin, I'm confident in my knowledge. I've got a lot more maturing to do.

But when I look BACKWARD from where I came from, that's some s**t that'll I can be proud of myself.

Onward and Upward!