So how does the real-estate industry work in SL? As I said earlier, you start with 512 square meters (16 by 32 meters). You could buy more 
from Linden Labs (in real world currency) for an additional fee that they call Tier. This could range from $5 a month up to $295 a month for an entire island which would be 65,536 square meters. You could also pay a one time flat tier of $1,675 instead of a monthly thing. Also, just like the real world, you could book your favourite plot of land for $30 if you don’t have the money and pay later. But interestingly, it does not end there. Just like our housing societies, you need to pay a monthly maintenance charge to Linden Labs. This is calculated on the amount you own. The more land you own, the more you pay. So, based on the current tier system, your starter 512 square meters would cost an additional $5 per month, 65,536 square meters of mainland will cost $195 and an island would cost $295 per month. You could also buy land from another resident or purchase it at a Land Auction. Pretty much like an eBay auction, land auctions are extremely popular in SL. What starts with $40 ends up selling at $2000 at the end of a week. In-world sources say that over 15 million square meters of land has been sold in Q1 2007. If I may draw a real world analogy, we are talking about a property boom very similar to what’s happening in India right now.
And just like the real world, this property phenomenon has created a new breed of virtual real estate moguls in SL. The biggest example is Anshe Chung (Chinese-born language teacher Ailin Graef living near Frankfurt, Germany in the real world) who is the first online individual to become a millionaire from profits earned entirely in a virtual world. Dubbed as the virtual Rockefeller and featured on the cover of Businessweek, She owns 36 square kilometers of land and a few million Linden Dollars in cash not to mention shopping malls, store chains, virtual brands in SL. Liz Bartlett’s Livingston Properties (www.khyri.com/livingstonproperties) sells prefabricated housing in SL for as low as 900 Linden dollars along with agent and building services. And the most interesting one: popular american real estate brokerage firm Coldwell Banker (www.coldwellbanker.com) has set up shop in SL selling and renting its own tracts of land in areas like Ranchero, Crowfoot, Elboya, Gorbash and Scurfield.
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Source : IIPM Editorial, 2008
from Linden Labs (in real world currency) for an additional fee that they call Tier. This could range from $5 a month up to $295 a month for an entire island which would be 65,536 square meters. You could also pay a one time flat tier of $1,675 instead of a monthly thing. Also, just like the real world, you could book your favourite plot of land for $30 if you don’t have the money and pay later. But interestingly, it does not end there. Just like our housing societies, you need to pay a monthly maintenance charge to Linden Labs. This is calculated on the amount you own. The more land you own, the more you pay. So, based on the current tier system, your starter 512 square meters would cost an additional $5 per month, 65,536 square meters of mainland will cost $195 and an island would cost $295 per month. You could also buy land from another resident or purchase it at a Land Auction. Pretty much like an eBay auction, land auctions are extremely popular in SL. What starts with $40 ends up selling at $2000 at the end of a week. In-world sources say that over 15 million square meters of land has been sold in Q1 2007. If I may draw a real world analogy, we are talking about a property boom very similar to what’s happening in India right now.And just like the real world, this property phenomenon has created a new breed of virtual real estate moguls in SL. The biggest example is Anshe Chung (Chinese-born language teacher Ailin Graef living near Frankfurt, Germany in the real world) who is the first online individual to become a millionaire from profits earned entirely in a virtual world. Dubbed as the virtual Rockefeller and featured on the cover of Businessweek, She owns 36 square kilometers of land and a few million Linden Dollars in cash not to mention shopping malls, store chains, virtual brands in SL. Liz Bartlett’s Livingston Properties (www.khyri.com/livingstonproperties) sells prefabricated housing in SL for as low as 900 Linden dollars along with agent and building services. And the most interesting one: popular american real estate brokerage firm Coldwell Banker (www.coldwellbanker.com) has set up shop in SL selling and renting its own tracts of land in areas like Ranchero, Crowfoot, Elboya, Gorbash and Scurfield.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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