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Inman News

Here is a snippet of the article

Gaming the real estate market

Online Monopoly goes hyperlocal, uses Google Maps

By Erik Pisor, Tuesday, September 22, 2009.

Inman News

Negotiating purchase prices, selling assets, and collecting rent isn't just a part of real-world real estate -- these are key features of Hasbro's Monopoly CityStreets, a new online version of the classic Monopoly board game that incorporates Google Maps as its game board.

"It's definitely a way to learn about real estate cash flow and investment," said Nick Roman, a Realtor with Melbourne, Fla.-based Tropical Realty of Suntree.

On Sept. 9, the day the game launched, about 1.7 million people worldwide attempted to log on and play, which led to server delays and the eventual restarting of the game on Sept. 17, said Donetta Allen, Monopoly spokesperson.

Of those who logged on, a portion included real estate agents like Roman.

"If anything, I thought (the game) would generate a little real estate publicity," said Robert May, a Realtor with Lethbridge Mortgage and Real Estate Info in Alberta, Canada. "I'm surprised they didn't work in real estate advertising and do some geo-targeted marketing," May said.

Both Roman and May began playing on Sept. 9 and quickly exhausted their initial $3 million in Monopoly money to acquire streets within the cities they currently reside, as any street in the world can be purchased and built up with various properties.

While using Google maps as the Monopoly board brings a realistic aspect to the game, the price paid for a street is not.

According to Allen, the value of a street is determined by its length, as the longer a street is the more building potential it has.

For instance, Downing Street in the U.K., home to the prime minister, initially cost $231,000, while Pennsylvania Avenue, which joins the White House and the U.S. Capitol, cost $2 million.

"They're not differentiating between residential and commercial zones," May said, adding the value of a street is also determined by how many lanes it has.

"There are better Web sites they could have used (to determine street values), like a postal or ZIP code system," he continued. ...

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