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Coldwell Banker becomes first Realtor of "Virtual Real Estate"

By Randy H   Follow   Sat, 24 Mar 2007, 2:43pm   4,744 views   194 comments
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COLDWELL BANKER® ENTRANCE INTO SECOND LIFE® MAKES VIRTUAL HOMEOWNERSHIP EASIER FOR MILLIONS OF RESIDENTS

Company Leads Real Estate Industry Into Virtual Future

(link)

This is in the give me a f*#!ng break category. All the zaniness in the "virtual worlds" space is a subject I've purposefully kept separate from Patrick.net until now. But this crosses the line for me. As if we don't have a big enough headache with the *real* real estate bubble, along with all its hype, mania, collusion, greed, corruption and now economic fallout, now we get to legitimize a whole *pretend* real estate bubble. And in case you think this is some irrelevant, minor fringe element bear in mind this particular virtual world claims over 4,000,000 current residents and is growing at over 30% per month.

For anyone lucky enough to have not been exposed, the short version is:

• Second Life is a huge online computer game.
• The game has no goal, purpose or point, but is just a big virtual reality simulator.
• They call that a virtual world and get pissed off if you call it a game, even though it's made by a game company.
• All kinds of pundits, academics and over-budgeted corporate marketers are falling all over each other to get in on this.
• People are spending all kinds of real money inside of the Second Life computerized cartoon world. The biggest thing they're spending money on is ... you guessed it ... Virtual Real Estate! Complete with flippers, "land" developers, brokers, and now apparently, bona fide realtors.

Ok, so I took this whole issue on, called out what I saw as a type of Ponzi pyramid scheme, and roundly got ripped up by cult Second Life's love hype machine. You can find my articles here (main one that started it all), here, here, and here. There is also a lawsuit (the real kind, not the pretend computer cartoon kind), Bragg v Linden in which my first two articles above have been submitted to the court in a revised complain[t] statement. The case is a dispute over -- you guessed again -- Virtual Real Estate!

If nothing else, I thought this might make a nice weekend distraction for everyone before we get back to the *real* RE bubble next week.

--Randy H

PS. If you really want to ruffle some academic and fanbois feathers, you can go join the discussion on the "Ivory Tower" blog that covers virtual worlds stuff here.

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1. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

   155   5:58pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Would it look like this? funnily enough, very similar... however, that house has a superior 6-panel door at the side (which might be the front).

2. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

   156   6:14pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   DS, The day when American Progressives decide to ask your opinion about the definition of progressivism, will be the day that I join the Satan worshipping party of something that falls short of DS's definition of progressive liberalism. That's my last word on this matter.

3. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

   157   6:16pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   (Don't lose hope, I haven't tried my sour dough bread yet)

4. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

   158   6:18pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   I can sell you shares in a scone mine, astrid...

5. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

   159   6:38pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   DS, LOL! Thank you very much for the offer, but I'm investigating renewable alternative to mined scone. However, I am very interested in the cream well.

6. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

   160   6:38pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   DS, LOL! Thank you very much for the offer, but I'm investigating renewable alternative to mined scone. However, I am very interested in the cream well.

7. Brand165 Follow Befriend 937 comments

   161   6:48pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   DS says: the lowliest peasant in Vietnam can afford their own dwelling, by the way. of course, it may be a relatively humble abode… And the lowliest American can afford a home in Flint, Michigan or Upper Left Buttcheek, Texas. Don't extrapolate the Bay Area to the vast rest of the United States. The lowliest peasant in Vietnam is not equivalent to an Electrical Engineer with a Master's degree working in Silicon Valley.

8. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

   162   7:03pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   hmm, very Freudian... My family also hoped to find a rich seam of jam on the property and brought in a jam dowser, but alas, to no avail.

9. e Follow Befriend 3 threads 1,170 comments

   163   7:08pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   I can sell you shares in a scone mine, astrid… They're not making any more scone mines. Don't be priced out forever! (BTW, are they scones as in ice cream cones, or scones as in yawns?)

10. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

    164   7:08pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   And the lowliest American can afford a home in Flint, Michigan or Upper Left Buttcheek, Texas. Let's only hope... Don’t extrapolate the Bay Area to the vast rest of the United States. Perish the thought. Who would dare. Further, it was generous of the Mexicans to surrender the Bay Area to Anglo settlers, not to mention generous of the indigenous people to surrender the whole continent to same, in order to parcel it up into land titles. The lowliest peasant in Vietnam is not equivalent to an Electrical Engineer with a Master’s degree working in Silicon Valley. So the peasant is getting a better deal from his or her society?

11. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

    165   7:17pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   http://en.wikipedia.org/wiki/Scone_%28bread%29 According to Merriam-Webster, the word scone derives perhaps from the Dutch schoonbrood (fine white bread), from schoon (pure, clean) and brood (bread). The scone closely resembles a North American biscuit (many recipes are, in fact, identical) — itself not to be confused with the English biscuit, which equates to the American cookie. In the United States, there is a growing tendency to refer to sweet variations as "scones" (perhaps under influence from espresso bars, where they are popular fare), while savory ones are known as "biscuits". amazing

12. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    166   8:34pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   More Gawker NYT Wedding section scoring. I find this endlessly fascinating, though none of these people beat skibum's wedding announcement (a belated mazel tov to you crazy overachieving kids!).

13. RaiderJeff Follow Befriend 47 comments

    167   8:34pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   "@RaiderJeff Thats good news! THe same thing has happend in Moorpark,CA (ventura county) and the builders are not budging either." Really? I guess this is just another sign of things to come. "Do these people picket Walmart every week everytime they ‘lower prices’ on crap they already bought?!?" Exactly, that's what some other posters said about this story on the other blog. The general consensus among the poster was - too f'n bad, you didn't do due diligence, you deserve this. "Perhaps there will be a new ballot initiative in CA making it illegal to sell a house for less than the comps sold for….that would be pass EZ here in Communiforna." The builders would have a fit. Could you imagine telling William Lyons that they can't lower their prices/give incentives in order to unload their inventory.

14. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    168   8:35pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Oh wait! The link http://gawker.com/news/altarcations/altarcations-martha-flach--austin-wilkie-247159.php

15. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    169   8:55pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   More OTness. I'm still alive. My sourdough is a success! These taste better than any bread I've ever paid for. Ignoring time and labor and electricity, they come out to cost about 25 cents a loaf.

16. Brand165 Follow Befriend 937 comments

    170   8:59pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Different Sean says: Perish the thought [of extrapolating a peasant to an engineer]. Who would dare. Further, it was generous of the Mexicans to surrender the Bay Area to Anglo settlers, not to mention generous of the indigenous people to surrender the whole continent to same, in order to parcel it up into land titles. It was awfully nice of the Aborigines to surrender Australia to the British as well. What's that got to do with housing affordability for peasants? The lowliest peasant in Vietnam is not equivalent to an Electrical Engineer with a Master’s degree working in Silicon Valley. So the peasant is getting a better deal from his or her society? I would probably rather live in a modest single family home in Flint, Michigan than in a hut in Vietnam. I am biased towards first world countries, of course. I like potable water, good medical care and a passable education system. Anyway, I think you missed my point. Rural areas are massively less expensive than cities. To further strain any comparison, San Francisco is in the top 10 most expensive cities worldwide. Could your average blue collar guy afford a house in San Fran? Probably not. But I bet most peasants in Vietnam couldn't afford a 2500 sq.ft. in Hanoi, either. Vietnamese culture does have one thing going for it in terms of housing. Many generations live under the same roof, and their idea of required personal space is much reduced compared to North America, Europe and Australia. Maybe if they were Americans, they could afford a house in the Bay Area simply by housing 10 people in the same modest house.

17. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    171   9:25pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Brand, Don't be ridiculous, I have a Constitutional right to a Viking convection oven (with steam injection for bread baking), walk in Subzero fridges, and at least 500 sq ft of personal bathroom space.

18. RaiderJeff Follow Befriend 47 comments

    172   9:37pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   "Wow, RJ, that’s a not surprising but still fascinating situation that seems to be occuring quite a bit these days. As for those protesters, it’s a mix of sad and pathetic. You feel for them because they’re about to get hit hard. You wonder if their actions are desperation, selfishness or both. But expecting the developer to pay because the market turned? Because the salesperson “sold” them a house? WTF are they thinking?" WTF indeed. I have no sympathy for this guy. Bob (or boob) didn't read his contract. Bob didn't do his homework. Bob took the word of a sales rep from Willaim Lyons. Bob is S.O.L. While making a promise that prices would not drop without any real intention of standing behind that promise seems unethical, and possibly serves as a cause of action for negligent misrepresentation, Bob has to realize who he's dealing with. The good people of William Lyons couldn't give two shits about what was said outside of the contract and the deed, or what "puffery" was used to make the sale. Bob should have realized this before going into the deal. So sorry Bob, but no soup for you.

19. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    173   9:53pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   at least 500 sq ft of personal bathroom space. Make that 2000 sq ft. :)

20. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    174   9:56pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   More OT: I just received my new used laptop. It looked like new. Not bad for less than $600. This HP link has a lot of other good deals. http://tinyurl.com/2lxaap

21. Brand165 Follow Befriend 937 comments

    175   10:02pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Peter, I assume you are a proponent of separating the bath area from the "business" area? I would love to have a home with a Roman bath. Unfortunately, I doubt that they come with the appropriate nubile servants. :twisted:

22. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

    176   10:07pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Brand Says: stuff right, um, yeah, gosh -- what good arguments.

23. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    177   10:09pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Peter, I assume you are a proponent of separating the bath area from the “business” area? Definitely! "Work" and "play" should not mix. :) I want a tub with a 270 degree view.

24. Brand165 Follow Befriend 937 comments

    178   10:39pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Peter, since you are up to speed on bathware, what's your take on ozone-cleaned hot tubs? A jacuzzi makes a great centerpiece in a sunroom off the master suite, but if you have to choose between dumping clean water every run, and nasty chlorine, I'm not sure there's a win.

25. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    179   10:58pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Peter, since you are up to speed on bathware, what’s your take on ozone-cleaned hot tubs? I prefer fresh water. No jacuzzi for my rented "master" suite.

26. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    180   11:02pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Actually, I prefer having a proper shower stall to a shower-over-tub.

27. FormerAptBroker Follow Befriend 1,378 comments

    181   11:06pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   Brand Says: > Peter, since you are up to speed on bathware… The comment on "speed" reminds me that “Undercover Brother” is lucky that his Ferrari Enzo was not anywhere near it’s top speed (unlike Gary the late Ferrari collector that worked with SFWoman’s little brother) when it hit the wall today (there is a video link in the URL below): http://tinyurl.com/22y43o

28. e Follow Befriend 3 threads 1,170 comments

    182   11:09pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   “Perhaps there will be a new ballot initiative in CA making it illegal to sell a house for less than the comps sold for….that would be pass EZ here in Communiforna.” The builders would have a fit. Could you imagine telling William Lyons that they can’t lower their prices/give incentives in order to unload their inventory. No they wouldn't - under Prop 131313, this initiative would require renters, people moving to the state, and babies to pay for the losses incurred by homeowners. It's only fair.

29. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    183   11:14pm Mon 26 Mar 2007   Share   Quote   Permalink   Like   Dislike   You know, sometimes I think speed limits in California are already too high.

30. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    184   6:07am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Maybe California should be turned into one giant national park. My boyfriend has been ticketed the last two times he spent in a national park, going otherwise reasonable speeds.

31. mr beezer Follow Befriend 25 comments

    185   6:10am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   tks to al gore the internet now allows everbody with a connection to shop residential mortgages for free..http://www.scotsmanguide.com/defaultw.asp?ID=1920

32. DinOR Follow Befriend 1 threads 6,749 comments Premium

    186   6:28am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Eddie, Eddie, Eddie :( I hope the guy had insurance.

33. DinOR Follow Befriend 1 threads 6,749 comments Premium

    187   6:33am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Yesterday C/L for Portland, OR showed 390 new listings! 390! Pent up "demand"? Selling... demand?

34. Michael Holliday Follow Befriend 630 comments

    188   7:03am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Looking at the house prices in Sacramento, many are down $100K+. It doesn't look too good.

35. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

    189   7:43am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Sid Finster Says: Noone wants to explain this even though I keep asking - since when was the American Dream ™ defined as “owning a house”? owning a 3 br house in the 'burbs - owning a car (now it's 3 cars) - picket fence... it's definitely the dream alright... never mind that the sprawling 'burbs may not be sustainable...

36. sfbubblebuyer Follow Befriend 1 threads 750 comments Redwood City, CA

    190   8:30am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   New topic... Collecting from the FDIC

37. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    191   9:24am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   What's so great about a suburb where you're 5 feet from your neighbor and you spend 20 minutes looking for parking at your local shopping strip?

38. sfbubblebuyer Follow Befriend 1 threads 750 comments Redwood City, CA

    192   10:03am Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Um, what's so great about a city where you are 5 feet from your neighbors and spend 20 minutes looking for parking within half a mile of your house?

39. Different Sean Follow Befriend 2 threads 2,944 comments Different Sean's website

    193   3:51pm Tue 27 Mar 2007   Share   Quote   Permalink   Like   Dislike   Lots of people in London don't even own cars. They are within 200m of the nearest Tube station. And they have medium density worked out as an art form... Although if you have the luxury of new construction, you can always build basement carparks...

40. astrid Follow Befriend 15 threads 5,071 comments astrid's website Premium

    194   9:32am Wed 28 Mar 2007   Share   Quote   Permalink   Like   Dislike   SFBB, Actually, you'd only be a wall away from your neighbor and avoid car usage much of the time. At least biking and walking is an option for much of the city, even if public transportation is untrustworthy.

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