Do You Feel Lucky?

The Wall Street Journal:

Joe DeVito, a real-estate broker in Brooklyn, N.Y., has 18 active listings in ZIP Code 11219. Half of them have an eight in the asking price. Only one has a four.

“They are priced for the luck and sold for the luck,” Mr. DeVito says of homes in the Sunset Park neighborhood, where many of the residents are Asian. In Chinese culture, eight is considered to be a lucky number while four is believed to bring bad luck.

Just like the lottery, real estate can be a numbers game in which superstition plays a role. According to research by real-estate website Trulia, TRLA -1.09% “luck” is frequently linked to the last nonzero digit of homes for sale (the eight in $528,000, for example). In Asian-majority neighborhoods, 20% of listings end with a lucky eight, compared with 4% of listings in areas where Asians are a minority.

It’s not just Asians who rely on luck. Home-sellers in Nevada—especially Las Vegas—look to lucky seven to unload their homes. Listings with a seven before the zeros are 37% more common in Nevada than in the rest of the U.S.

Read the whole story: The Wall Street Journal

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