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Coldwell Banker becomes first Realtor of "Virtual Real Estate"


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2007 Mar 24, 7:43am   26,853 views  194 comments

by Randy H   ➕follow (0)   💰tip   ignore  

WTF!
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.

#housing

« First        Comments 173 - 194 of 194        Search these comments

173   Peter P   2007 Mar 26, 2:53pm  

at least 500 sq ft of personal bathroom space.

Make that 2000 sq ft. :)

174   Peter P   2007 Mar 26, 2:56pm  

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

175   Brand165   2007 Mar 26, 3:02pm  

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:

176   Different Sean   2007 Mar 26, 3:07pm  

Brand Says:
stuff

right, um, yeah, gosh -- what good arguments.

177   Peter P   2007 Mar 26, 3:09pm  

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.

178   Brand165   2007 Mar 26, 3:39pm  

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.

179   Peter P   2007 Mar 26, 3:58pm  

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.

180   Peter P   2007 Mar 26, 4:02pm  

Actually, I prefer having a proper shower stall to a shower-over-tub.

181   FormerAptBroker   2007 Mar 26, 4:06pm  

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

182   e   2007 Mar 26, 4:09pm  

“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.

183   Peter P   2007 Mar 26, 4:14pm  

You know, sometimes I think speed limits in California are already too high.

184   astrid   2007 Mar 26, 11:07pm  

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.

185   mr beezer   2007 Mar 26, 11:10pm  

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

186   DinOR   2007 Mar 26, 11:28pm  

Eddie, Eddie, Eddie :(

I hope the guy had insurance.

187   DinOR   2007 Mar 26, 11:33pm  

Yesterday C/L for Portland, OR showed 390 new listings! 390!

Pent up "demand"? Selling... demand?

188   Michael Holliday   2007 Mar 27, 12:03am  

Looking at the house prices in Sacramento, many are down $100K+.

It doesn't look too good.

189   Different Sean   2007 Mar 27, 12:43am  

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...

190   sfbubblebuyer   2007 Mar 27, 1:30am  

New topic... Collecting from the FDIC

191   astrid   2007 Mar 27, 2:24am  

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?

192   sfbubblebuyer   2007 Mar 27, 3:03am  

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?

193   Different Sean   2007 Mar 27, 8:51am  

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...

194   astrid   2007 Mar 28, 2:32am  

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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