The new $420-$443 (‘value range’ priced) per square foot place on Madra had an open house on Sunday. They had signs up for it all week, and by all measures it was a successful Open House…. if your measurement is traffic. We went by at around 3pm and within the 10 minutes we were in the house, another 8 groups had come through.

I guess being on a very busy street helps with open house foot traffic!

Now if they get a bite on it on anything above $1M, that will be a shocker. If they really want to sell it, they better look to lower the price substantially right away before the summer buying frenzy slows down… COMPS in the area are 30%+ below their asking price.

On top of the ‘mad’ price, they had a pianist playing throughout the Open House… it was a bit 2005…. meanwhile the husband/contractor/homeowner was hawking his company’s services with flyers on the kitchen table.

Open House Score:
– Showability “A-” (street is too busy, but house shows well, claim it as “single level” but one must climb many stairs to get to the first/main level)
– Upgrades “A-” (mostly well done, but oddly placed arched doors and lack of use of slabs on some counters)
– Carpet “C” (looks like they bought it at a remnants sale)
– Asking Price for Value “D” (30%+ overpriced)
– Community “A” (central, great schools, views)