| Americans love games. Maybe it's a cultural thing, | | | | of the virtual game. |
| and of course the passion for games isn't limited | | | | The value of land in Second Life can be increased |
| to this country. From the beautiful simplicity of | | | | much the same way as in real life. Residents can |
| tic-tac-toe to board games like checkers and | | | | improve the land by building houses, adding |
| Monopoly, card games and on up to the | | | | businesses or even landscaping the property. A |
| sophisticated gaming systems like Xbox and Wii, | | | | resident of SL could purchase enough land to |
| the quest for entertainment has been a constant. | | | | develop projects as big as these luxury condos in |
| Grand Theft Auto rolled into stardom with its | | | | Chicago and rent or sell the units for an income. |
| high-tech portrayal of a futuristic city that | | | | By the same token, Linden reserves the right to |
| mimicked New York, called Liberty City. Names | | | | add more land to the game under the Acts of |
| ranging from The Statue of Happiness, GetaLife | | | | Linden, which can suddenly decrease the value of |
| Building and Rotterdam Tower are obvious tips of | | | | land by increasing the supply, should the market |
| the hat to the Big Apple. But Grand Theft Auto is | | | | get out of hand. |
| a bit darker and more violent than many gamers | | | | There also used to be a First Land program to |
| prefer and for many the search for a virtual | | | | entice new players. You could join with a premium |
| world with nearly infinite possibilities and less crime | | | | account and get a small parcel of land without |
| has lead to Second Life, or SL. | | | | having to pay a monthly fee. This practice was |
| Now with the current near historic real estate and | | | | shut down in early 2007, however. And just like in |
| housing market slump, it's only natural that | | | | real life, there are abandoned parcels of land that |
| Second Life, arguably one of the most popular | | | | are thrown back into the rotation and come up |
| virtually reality games, might be even more | | | | for auction. |
| appealing to new gamers tired of the gloom and | | | | There are also other factors at play in Second |
| doom of real life real estate. | | | | Life that mimic real life, such as obnoxious |
| Second Life started up in 2003 and is owned by | | | | neighbors. Some residents have been accused of |
| Linden Lab. The whole premise of the game is | | | | creating offensive parcels of land in an effort to |
| based on virtual real estate, and just like in real | | | | lower the value of neighboring parcels and force |
| life, money can be made by it. That's real money, | | | | sales. To try and limit disputes, Linden started |
| converted from the Linden Dollar currency used in | | | | allowing covenants in 2007. A covenant basically |
| the game. If you want to really enjoy the | | | | allows anyone owning a region of land (which is |
| possibilities offered and have some serious fun in | | | | supposed to hold up to 100 residents) to set rules |
| Second Life, you have to own land to do it. In | | | | that have to be followed or else loss of land will |
| reality players are leasing the virtual land, they | | | | occur. This keeps residents who rent or own |
| don't really own it, but the premise is the same. | | | | within that region from defacing property. |
| A player wants a small parcel of land pays a fee | | | | Of course with any type of land rush, you'll find |
| every month, similar to rent. As you move up in | | | | real estate agents and Coldwell Banker was the |
| land ownership, you pay more per month. The | | | | first company to jump on the Second Life |
| more land you own, the more you can do in | | | | bandwagon. The company set up shop in the |
| Second Life. It's the ultimate in real estate | | | | virtual world in 2007 and purchased a large |
| speculation without the risk. You have to be | | | | amount of land tracts on the mainland of SL. Its |
| premium member of Second Life to own land, | | | | plan was to divide up the land into 520 units, with |
| and the more land you own the higher your | | | | half being for sale residential homes and the other |
| monthly fee is to Linden Lab. Players can own | | | | half as rental property. Coldwell planned to market |
| small parcels without paying any more than the | | | | the homes(which buyers won't be able to |
| basic monthly fee or you can opt for your own | | | | customize or change) well below the going rate on |
| island. Linden auctions off parcels of land or you | | | | SL and also offer everything from helicopter |
| can buy and sell with other residents of Second | | | | tours to information on real life condos, houses |
| Life. | | | | and property. |
| There have been undocumented cases of | | | | Coldwell Banker was not only the first large real |
| residents generating a secondary income or even | | | | estate company to join SL, it was the first to |
| making their living off of real estate deals in | | | | actually put a real life property up for sale on |
| Second Life. Reselling virtual land or renting out | | | | Second Life. Complete with a three dimensional |
| parcels can generate a monthly income, as | | | | replica of a $3.1 million estate located on Mercer |
| strange as it may seem. If you think about it, | | | | Island, Washington. |
| besides the monetary aspect, it could become | | | | With the popularity of virtual home tours and the |
| very addictive to some players. You would have | | | | power of the Internet growing, coupled with the |
| all of the excitement of real estate deals, | | | | housing market slump of 2008, Second Life may |
| speculation and potential profit or loss without the | | | | become an escape and even an investment for |
| headaches of insurance, mortgages or taxes. | | | | more people. |
| That has to be a major draw for some residents | | | | |