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Coldwell Banker becomes first Realtor of "Virtual Real Estate"


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2007 Mar 24, 7:43am   27,075 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 147 - 186 of 194       Last »     Search these comments

147   Peter P   2007 Mar 26, 9:49am  

A scone mine?

I love Yorksire Pudding. Can't resist lard! :)

148   Different Sean   2007 Mar 26, 9:51am  

yes, scones are mined mostly in the yorkshire dales (like welsh slate comes from wales) and geologically, where there are scones in the ground, huge underground cream reserves are usually found nearby...

149   Different Sean   2007 Mar 26, 9:55am  

Peter P Says:
DS, you are still invited to join our club of small-L libertarians.

hmm, OK, I haven't been to a satan-worshipping orgy in a while... altho they just deprogrammed me out of scientology, and my head still buzzes occasionally...

150   skibum   2007 Mar 26, 10:00am  

Still, 4,985 homes on the market seems kind of low…

Maybe, but at least compared to this time last year according the the same site, there were only 4,381 homes inventory on 4/2/06 (a week later into the "Spring Season" yet).

151   Peter P   2007 Mar 26, 10:01am  

hmm, OK, I haven’t been to a satan-worshipping orgy in a while… altho they just deprogrammed me out of scientology, and my head still buzzes occasionally…

Libertarians are very passionate people.

152   skibum   2007 Mar 26, 10:02am  

Sen Christopher Dodd seems to have gotten the message about the idiocy of bailing out the subprime FBs:

http://money.cnn.com/2007/03/26/real_estate/Dodd/index.htm?postversion=2007032618

Maybe our emails to him (along with others) actually made a difference!!??!!

153   Different Sean   2007 Mar 26, 10:06am  

newsfreak Says:
I did want to mention, I saw a t-shirt–
THINK
It is still legal

Isn't it THINKâ„¢ -- and it's only legal with the written agreement of IBM -- you implicitly obtain the right after you buy one of their fine products...

154   e   2007 Mar 26, 10:25am  

the lowliest peasant in Vietnam can afford their own dwelling, by the way. of course, it may be a relatively humble abode…

Would it look like this?

http://www.burbed.com/2007/03/26/affordable-starter-home-or-fallujah-replica-in-the-bay-area-you-decide/

155   Different Sean   2007 Mar 26, 10:58am  

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).

156   astrid   2007 Mar 26, 11:14am  

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.

157   astrid   2007 Mar 26, 11:16am  

(Don't lose hope, I haven't tried my sour dough bread yet)

158   Different Sean   2007 Mar 26, 11:18am  

I can sell you shares in a scone mine, astrid...

159   astrid   2007 Mar 26, 11:38am  

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.

160   astrid   2007 Mar 26, 11:38am  

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.

161   Brand165   2007 Mar 26, 11:48am  

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.

162   Different Sean   2007 Mar 26, 12:03pm  

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.

163   e   2007 Mar 26, 12:08pm  

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?)

164   Different Sean   2007 Mar 26, 12:08pm  

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?

165   Different Sean   2007 Mar 26, 12:17pm  

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

166   astrid   2007 Mar 26, 1:34pm  

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!).

167   RaiderJeff   2007 Mar 26, 1:34pm  

"@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.

169   astrid   2007 Mar 26, 1:55pm  

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.

170   Brand165   2007 Mar 26, 1:59pm  

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.

171   astrid   2007 Mar 26, 2:25pm  

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.

172   RaiderJeff   2007 Mar 26, 2:37pm  

"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.

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.

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