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You think housing prices got out of control in Las Vegas and San Diego? Consider the escalation of real estate prices on Entropia Universe, a virtual world where one participant supposedly — emphasis on the word supposedly — paid $100,000 in real U.S. currency for an asteroid on which he built a virtual nightclub.
There are a lot of skeptics as to whether the aspiring mogul, Jon Jacobs, really plunked down $100k. But it’s clear, as this article from last August in New Times magazine in Broward County, Fla. illustrates (sorry, news travels slow in these parts) that other players are shelling out real bucks for property on Entropia Universe. A fascinating look at life in the virtual universe…
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.