Circular Ki is a residential estate island sim. Extremely low lag, great neighbors, peaceful setting. The Sim owners are great. This land is fully terraformable and you have the ability to resell. There are several lots for sale at ridiculously affordable prices.
Send a forum PM or IM in world if you're interested.... or heck, just go ahead and buy. The covenant should answer all of your questions.
http://slurl.com/secondlife/circular%20ki/208/50/23/
If this doesn't work there is a classified ad link on my profile.