REAL ESTATE: New American Land Rush

AT the stroke of noon on April 22, 1889, some 50,000 settlers scrambled into the Oklahoma Territory in one of history's most famous land rushes. Today that phenomenon is being repeated. The object of the new American land rush is vacation and retirement property in nearly every part of the country. Developing planned recreational communities has become a billion-dollar business, and property that is often much less desirable than the Oklahoma Territory is being peddled as shamelessly as snake oil.

More and more companies are buying up giant tracts of wilderness or...

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