It's quite real. A Second Life user of that suburban area wrote: "Not being American, but having been so 'TV Sitcom and Movie Americanised' over my lifetime, this is exactly what I want. When I visited the US the first time, I was in Connecticut, and I was like a kid with my face pressed up on the car window. When I got out of the car and went exploring I am not embarrassed to say I actually teared up, because there were hoops over garages, there was a bike strewn in the front yard and one front yard even had a catchers mitt and some kind of goal net thing. There were flags beside the front doors, it was everything to me."[1]
Considering the extremely high cost of SL land, i doubt this is true.