Will 2018 be the “year of the deal”?

The number 18 is lucky in Chinese numerology

TRD New York /
Jan.January 26, 2018 05:20 PM

It looks like 2018 might be the year of the deal.

Many people know that eight is a lucky number in Chinese culture because when spoken in Cantonese it sounds like the word for “prosperity.” And it turns out 18 might carry the same good fortune.

When spoken aloud, the number sounds like the phrase “I want to be wealthy,” which could make 2018 a lucky year for real estate deals — and some brokers have already seen that in action.

Corcoran Group agent Janet Wang told the Wall Street Journal that five of her clients decided to get serious about buying when 2018 rolled around. “‘Ok, this year we’re really going to look,’” they told Wang, without specifying a reason.

One Beijing-based buyer put off closing on a New York City home in the $5 million range so they could purchase it in the new year instead, said Carrie Law, chief executive of Chinese international real estate website Juwai.com. “There may have been other factors at play, but that’s the reason they gave us,” Law said.

Lucky numbers don’t only dictate when some Chinese buyers will buy, but where. An address or price or with eight is ideal, while addresses with the number four — which sounds like “death” — are avoided.

A condo building at 80 Park Avenue is particularly popular with Chinese buyers, not only because of its address, but because it’s near 38th Street, which in Cantonese sounds like “create wealth,” according to Geovanna Lim, president of Park Avenue International Partners.

Eighteen also plays a special role in the Jewish community, since the Hebrew word for the number, “chai,” also means life. Eastern Consolidated’s Adelaide Polsinelli pointed out its significance at the REBNY gala earlier this month. “It’s a lucky number in the Jewish faith, so 2018 has to be a good year,” she said.

Chinese numerology has ripple effects for non-Chinese buyers, too. In British Columbia, where 80 to 90 percent of condo sales are to Chinese buyers, no one wants purchase a unit with an unlucky address because it will make it harder to sell later on, said Calgary-based broker Peter Ng.

Coco Tan, a broker in Silicon Valley, was skeptical about the connection. She said that if there was a bump in real estate sales at the beginning of 2018, it was more likely because buyers were waiting to see the final tax reform bill.

Law of Juwai.com, however, predicts that August will be a busy for Chinese buyers, particularly the eighth of the month. After all, in Cantonese, the date sounds like “prosperity prosperity I want to be wealthy.” [WSJ] — Chava Gourarie


Related Articles

arrow_forward_ios
Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

arrow_forward_ios