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But land is basically a commodity in SL and prices are basically similar everywhere.

No, it doesn't work that way. The world is not just a flat grid. It has terrain features. Land near nice waterfronts is expensive. Land far from water, roads, or railroads is very cheap. Prices vary by about 15:1, with some very nice areas up to 100:1.

I doubt there is a lot of speculation going on.

There is. This is much discussed on the Second Life forums.




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