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Coldwell Banker becomes first Realtor of "Virtual Real Estate"


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2007 Mar 24, 7:43am   26,867 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

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11   Brand165   2007 Mar 24, 9:29am  

That suggests there is economic advantage for Linden Labs to create natural disasters. :)

12   Randy H   2007 Mar 24, 9:33am  

The best is the image Terra Nova used for their article on this: a "furry" standing with rifle in hand under fluttering Coldwell Banker banners.

For anyone who doesn't know what a "furry" is, just imagine your worst fears about the depravity of man, then assume you're a wild eyed optimist.

13   Brand165   2007 Mar 24, 10:52am  

So if people have weapons in Second Life, does that imply that you could storm Coldwell Banker HQ? That would be an awesome quest in World of Warcraft, perhaps enough to get me to sign up and play.

"The insolent Realtors of Fortress Sunnyvale have transpired many betrayals against the hapless peasants. The great King Ahnnold has denied a bailout for the masses... but there are heroes who would assault the impenetrable halls to gain back their honor! Are you one such hero?"

14   astrid   2007 Mar 24, 11:01am  

alien,

I cannot fathom a pay grade high enough to deal with the sort of SLers on a day to day basis...not even Bob Nardelli's old gig

15   astrid   2007 Mar 24, 11:03am  

I still maintain the big virtual bucks lie on finding a messiac cult, centered on believers giving me all their worldly possessions so they can really get into their second life.

16   Randy H   2007 Mar 24, 11:06am  

alien,

Perhaps I should apply. They'd get a grand laugh out of that.

17   Randy H   2007 Mar 24, 11:09am  

From the job description:

Many are making their living by creating content and selling services using our virtual currency, the Linden Dollar. The L$ economy is by far the fastest growing economy on the (real world) planet. As a virtual global micro currency the L$ is traded on the LindeX. Last month more than $5m USD worth of L$ were bought and sold, up from about a million USD worth of L$ just six months ago. If we're successful what we're building will become the platform for all 3 dimensional communications on the Internet.

My first order of business as the new VP of Customer Relations would be to quit peddling that line of bullshit. (Or at least come clean that the $5m USD worth of L$ "traded" included a couple million we printed and sold in order to "manage" the exchange rate, not so we could profit from it, no certainly not for that reason).

18   Malcolm   2007 Mar 24, 1:22pm  

What was wrong with just playing Monopoly?

19   Peter P   2007 Mar 24, 1:30pm  

Is it illegal for someone to become a virtual God Father type crime boss in second life?

Are automatic weapons banned in the virtual world?

20   Brand165   2007 Mar 24, 1:41pm  

You assume that I would rather look at my coworkers than some spiffy avatar. :)

21   Randy H   2007 Mar 24, 1:56pm  

justme

You're onto something there at least as far as comparing Second Life to a religion of sorts. What I call "Cult Second Life" is only partially tongue in cheek. There are, in fact, True Believers who actually think that SL represents some sort of eminent transformation in humanity. They see SL as delivering a new ordering to the world in which they are rightly rewarded for their beliefs while us unbelievers are left behind in growing irrelevance.

They think that one will need to be immersed in "Matrix Second Life" in order to have the right to even participate in business, commerce, society, education and even love and relationships. I've thought about editing through all the emails and comments I've received over this issue from True Believers and listing a best-of so people can see just how much actual faith these people have in this thing.

Incidentally, Linden Lab uses Kool Aid packets to advertise for employees.

23   Randy H   2007 Mar 24, 1:59pm  

Oh, I can't stop. I love pointing out bullshit so much that maybe I'm an addict myself.

24   Randy H   2007 Mar 24, 2:03pm  

(Last one, I promise)

Scientology is there too, so it's gotta be legit. There are rumors that the whole thing is really a clandestine Scientology operation. But I don't dare suggest those rumors might be true. I'm scared of Scientologists (and their lawyers).

25   astrid   2007 Mar 24, 2:29pm  

I prefer to post with Firefox, which caches information on prior pages. Whenever my post doesn't go through, I just click back arrow and retrieve.

26   Peter P   2007 Mar 24, 2:33pm  

Owing to spam activities, it is increasing more difficult to get posts out of moderation. Be careful!

27   astrid   2007 Mar 24, 2:35pm  

I can't claim immunity from void filling. I've wasted dozens of my hours tweaking elaborate Sims 1.0 constructions (I had the cheat code though, so at least I didn't spend hundreds of hours working to pay for them).

Given the wrong set of circumstances, I could be mesmerized by Solitaire and Free Cell for entire nights. I had to remove them to neutralize the temptation to zone out.

28   astrid   2007 Mar 24, 2:36pm  

Peter P,

That should be a project for this blog. All the older pages should be permanently closed to new posts. That would dramatically cut down the moderation problem.

29   Brand165   2007 Mar 24, 2:50pm  

If possible, we should also switch to a random image key system to verify posts. That cuts down on spam tremendously.

30   Peter P   2007 Mar 24, 2:54pm  

That should be a project for this blog. All the older pages should be permanently closed to new posts. That would dramatically cut down the moderation problem.

That may worth a try.

If possible, we should also switch to a random image key system to verify posts. That cuts down on spam tremendously.

Even I have trouble passing those image tests. Maybe I am a version of Jukubot.

31   Jimbo   2007 Mar 24, 6:06pm  

Stop trying to antagonize the nutters over at Linden Labs, Randy. Blogwars are kind of stupid.

32   surfer-x   2007 Mar 24, 6:44pm  

ThinkPad is a registered trademark of International Business Machines.

Thinkpad is a product of Lenovo, the Chinese hoard, want to buy a type matched kidney from a shot in the back of the head political prisoner while shopping for pirated technology sold to finance Amerikan debt? Well then, look no Fuhrer that Lenovo.

but don't worry, there is a robust service technology going on, why shit, there is no possible way anyone could export programming. California Uber Google. Why just yesterday Mrs. X and myself were shopping and loaded the cart up with Amerikan made goods. We bought stuff from all over the good ole USofChIndiMexifornia.

On your knees boy. Shit, sorry, everyone is rich, everyone is rich, everyone is rich.

Then why is real estate on the otherside of a logarithmic slide?

33   ozajh   2007 Mar 24, 9:07pm  

temptation to zone out

I hear ya loud and clear. (Carpal tunnel syndrome from Tetris back in the old XT days, anyone?)

I now limit sessions by strictly applying stop rules. For FreeCell a loss, for Minesweeper (with 99 mines) a win in under 150 seconds.

Now if I could just discipline my share trading that tightly...

34   ozajh   2007 Mar 24, 9:24pm  

Oh, and OT I know but the World Swimming Championships are being held in Melbourne Australia at the moment, and the US Men's Coach said in an interview that he thought his team could win every Olympic event.

Granted, they currently have a truly fantastic Men's swim team (and one of Australia's two Individual world champions has recently retired), but I wonder if people in the US truly appreciate just HOW much a prediction like that p!sses off folk from anywhere else.

Even if it's correct. Perhaps especially if it's correct. As Willie Nelson sang, "Time enough for countin, when the dealin's done".

(And in fact, I note a young Korean just won the first Men's individual final, the 400 Metres Freestyle. Tunisia and Australia filled the minor placings. Even though I have liked just about everybody from the US I have ever met, :D :D :D.)

35   Different Sean   2007 Mar 24, 10:20pm  

wasn't it kenny rogers

36   astrid   2007 Mar 25, 12:28am  

Surfer-X brings up a good point. If SL really becomes useful(I don't think SL will be, but some better 3D web productivity suite), it'll accelerate outsourcing of some current *secure* US jobs. I can easily secretaries, administrators, receptionists, etc going overseas.

Just wait until they get to really good remote control robots. No more paying $100/hour for auto mechanics and plumbers.

37   Michael Holliday   2007 Mar 25, 1:10am  

surfer-x Says:

ThinkPad is a registered trademark of International Business Machines.

Thinkpad is a product of Lenovo, the Chinese hoard, want to buy a type matched kidney from a shot in the back of the head political prisoner while shopping for pirated technology sold to finance Amerikan debt? Well then, look no Fuhrer that Lenovo
_____

Awesome post. And for the most part, true!

Don't feed your cat any kitty chow made with Chinese grain products. It now looks like they've sprayed it with rodenticide, i.e. rat-poison.

You see, in the "people's" republik, the dictatorshi of the proletariat doesn't feel the need to inconvenience itself with such trivialities as, say, human rights, or FDA standards to protect people from rat poison in their food, much less their kitty's chow-chow.

Hell, rumor has it, that in some famished parts of the hinterland, where Mao's glorious five year plan for a bountiful harvest for the people hasn't materialized, they even eat cats for breakfast. So who cares, right?

Oh, sorry, it's just the new order of things.

So much for the evolution of two hundred years of laws to protect American citizens from such inconveniences as, um, rat poison in your food and illegal immigrants walking across the border with diseases such as Leprosy, incurable Tuberculosis and Chagas (research this one, it's pretty hellacious).

As for a decent living wage, benefits and affordable housing? Let 'em eat cat food!

I never thought the dissolution of this country would go down so quickly. But then again, never underestimate the power of greed wedded to mass delusion.

38   astrid   2007 Mar 25, 1:37am  

Michael,

Easy come, easy go. Remember this country was founded on the Three Fifth Compromise. Remember that in 2004 gay marriage was more important to the majority of electorate than social security, separation of church and state, or the horrors of Iraq.

Don't blame China for what America does to itself.

Also - the Chinese don't eat domesticated cats (even feral domesticated cats) and is any Chinese food more disgusting than what America serves in its school cafeterias?

39   sfvulture   2007 Mar 25, 1:45am  

I am OUTRAGED!!!!

From what research I've done (I even joined the darn thing), Second Life is ran by a company in downtown San Francisco. Yet, when you join Second Life, you have the option of submitting some form of payment (ie, credit card, paypal, whatever). What happens to someone like myself who joined with no payment and is now a homeless virtual citizen?

So far, I've found no homeless shelter and no politician that gives a rat's ass about my oppressed condition. I would think that a city as "progressive" as San Francisco, would not allow such capitalism, even though it is virutal, it is still evil capitalism!!!

Does Great Mother Nancy Pelosi or Dear Leader Gavin Newsome know about this?

Second Life even has this thing called "The Marketplace"!!! WTF?!?!?! What about the needy? Haven't we learned from the real world that free-markets are cruel and evil and only benefit corrupt big businesses?

Don't just take my word for it....here's what the site itself says!

"Second Life has a fully-integrated economy architected to reward risk, innovation, and craftsmanship.

How can this be? Karl Marx must be turning over in his grave by now. Perhaps some enlightened soul (maybe one of the Google billionaires) will create "Second Collective" or "Second USSR" to show us virtual compassion done right.

Seriously folks...all mocking aside. I think that we all should join second life as flaming, bleeding-heart liberals. Just join and act like your neighbors. Drive this thing into the ground with a good dose of San Francisco liberal values!! :)

40   Peter P   2007 Mar 25, 2:19am  

How can this be? Karl Marx must be turning over in his grave by now. Perhaps some enlightened soul (maybe one of the Google billionaires) will create “Second Collective” or “Second USSR” to show us virtual compassion done right.

How about SOL? Second Objectivist Life.

41   Peter P   2007 Mar 25, 2:26am  

You see, in the “people’s” republik, the dictatorshi of the proletariat doesn’t feel the need to inconvenience itself with such trivialities as, say, human rights, or FDA standards to protect people from rat poison in their food, much less their kitty’s chow-chow.

And you think DPRK (Democratic People's Republic of Kalifornistan) is much better? ;)

42   Peter P   2007 Mar 25, 2:28am  

Drive this thing into the ground with a good dose of San Francisco liberal values!!

LOL! We will require that at least 64% of all virtual housing be BMR units!

43   Peter P   2007 Mar 25, 2:32am  

Or are we really just a housing bubble cult?

So we get a special tax status?

44   Peter P   2007 Mar 25, 2:35am  

There are probably enough Gen-Y Losers out there for SL to be very successful.

I define Gen-Y as the class of people with Pluto in Scorpio.

45   Peter P   2007 Mar 25, 2:39am  

I SUGGEST NEXT TIME SOMEONE ASKS A QUESTION YOU ALL TAKE HEED AND GIVE YOUR ANSWERS.

perhaps we did not see the question. i .have trouble reading caps. can you post your question again?

46   Peter P   2007 Mar 25, 2:48am  

<i>ITALICS</i>

47   Peter P   2007 Mar 25, 2:50am  

Tax breaks will make people do the strangest things.

Very true indeed. Hopefully people will donate more just for the deductions. :)

48   Peter P   2007 Mar 25, 2:51am  

THERE SHOULD BE SET PRTICES ON HOUSING JUST LIKE THE GROCERY STORE

On the contrary, I think grocery store should have flexible "market prices". :)

49   sfvulture   2007 Mar 25, 3:30am  

Here's some motivation for fellow Second Life proletariatarians... ( If SL has a DNC, you'll find this in their founding documents, just like the one in the First Life. :)

"The proletariat will use its political supremacy to wrest, by degree, all capital from the bourgeoisie, to centralize all instruments of production in the hands of the state, i.e., of the proletariat organized as the ruling class; and to increase the total productive forces as rapidly as possible.

Of course, in the beginning, this cannot be effected except by means of despotic inroads on the rights of property, and on the conditions of bourgeois production; by means of measures, therefore, which appear economically insufficient and untenable, but which, in the course of the movement, outstrip themselves, necessitate further inroads upon the old social order, and are unavoidable as a means of entirely revolutionizing the mode of production.

These measures will, of course, be different in different countries. Nevertheless, in most advanced countries, the following will be pretty generally applicable.

1. Abolition of property in land and application of all rents of land to public purposes.

2. A heavy progressive or graduated income tax.

3. Abolition of all right of inheritance.

4. Confiscation of the property of all emigrants and rebels.

5. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.

6. Centralization of the means of communication and transport in he hands of the state.

7. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.

8. Equal obligation of all to work. Establishment of industrial armies, especially for agriculture.

9. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country.

10. Free education for all children in public schools. Abolition of children's factory labour in its present form. Combination of education with industrial production, etc. "

50   Peter P   2007 Mar 25, 3:34am  

Are you quoting the Communist Manifesto? Are you now or have you ever been a communist?

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