NUMBERS COUNT IN REAL ESTATE - A PRACTICAL EXAMPLE

Many public buildings do not have a 13^th floor.  It is twelve and then fourteen. Where did that “un-lucky” 13^th floor go? In Nevada the number “7” is very popular in residential real estate listings.

In real estate superstition can play a role.  Number superstitions are very strong in high demand Asian neighborhoods.  Eight is a very popular number because its Chinese pronunciation is very similar to the word  that means “wealth” and “prosperity”. The Chinese word for “death” sounds similar to the word for “four”. Consequently, the number “eight” shows up in many Asian neighborhood property listing prices.  The number “four” is avoided in listings.

Brent Chang, a successful real estate agent in Coldwell Banker’s San Marino office was reported by the Wall Street Journal to have stated about 85%  of his Asian clients use numerology when buying or selling.

On my street block in SW Arcadia, four homes which were subsequently torn down (to accommodate new construction), were purchased  between July 2011 and March 2012. All of the lots were rectangular in shape and contained 16,909 to 19,451 sq. ft. All of properties were within 200 feet of each other. The three lots with no numerology issues (street address nos. 21, 37 & 52) sold for $66.83 to $89.25 per lot square foot. It does not appear to be chance, the  fourth property with a “44” street address number sold for $60.48 per lot square foot, a very large discount.

Prior to the sale, the seller of the “44” property requested the city of Arcadia to allow an address number change.  After considerable debate, the address change request was rejected. It could be argued an address change would have added tens or thousands of dollars to the selling price.  My opinion is to permit address changes but charge the property owner a very significant  fee to cover the expense involved and generate added revenue for the City.  I think sellers confronted with a numerology challenge would gladly pay to solve the problem.

The home directly across the street from our home has an “88” address. When the property sold in 2000, the new owner requested the address be changed to lucky ”88” and at that time the City approved the request. Over the years I kind of believe our family has received “good fortune” by being so close to lucky “88”.