Open mansions: A sign of the times?

Public open houses being held at Westside properties priced as high as $21.9 million is the subject of my story today at latimes.com. Most of us can never afford a house costing more than a fraction of that price. If you are a diehard lookie-loo, at least now you can step inside one.

The real estate agents I talked to were split on whether this is a good idea or a bad one, but it's something to think about when you have family in town over the holidays and are looking for that only-in-L.A. experience.

--Lauren Beale

Thoughts? Comments?

Photo: Agent Florence Mattar has been holding public open houses at this $21.9-million home in the "bird streets" area of Hollywood Hills. It has six bedrooms and eight bathrooms in 9,691 square feet. This is the living room. Credit: Everett Fenton Gidley

Comments

[Ace]

Great idea. I will be there with my homies to loot the place!

Also, I totally did not need the video introduction. I understand the LA Times is trying to get hip and just discovered youtube... but come on.

[Joel Kent]

Although this will create some interest, after 26 years of staging homes throughout the US there have been only a small percentage of homes sold from an open house. Normally lower dollar properties are the best targets for these. As stated above you have the "Dynasty Syndrome" when the homes hit 5 million and above, just as the writer has indicated, you know that you can't purchase it, but lets go wonder thru it. That can create a nightmare for the listing agent and the homeowner as their belongings can come up missing after the "cattle call" showing.

On a more realistic level if you have several probable prospects, there would be nothing wrong with having them come thru on one given afternoon and if they cross in passing no harm done. At least you are aware of who was there and that they can afford to purchase the home.

Showing someone a home that they will never in a million years be able to afford is like showing someone cheesecake that has diabetes. Not the smartest thing to do for anyone.

Just one professionals opinion.

[MBWatcher]

We're seeing this in Manhattan Beach as well. In recent weeks we've had a $10m Bel Air type estate opened up to John Q. Public and a $12.5m beachfront (Strand) property. This weekend there will be several in the $5m+ range.

The $10m listing (116 Terraza) was mentioned here:

http://www.mbconfidential.com/2009/09/weekend-opens-95-96.html

The $12.5m listing (2920 The Strand) mentioned here:

http://www.mbconfidential.com/2009/10/weekend-in-sand-1024-1025.html

Enjoy!

[Holly Star]

This is absurd that Hollywood lives this large.

Hopefully President Obama will tax these people back down to reality and they will pay for the people's free food, free medical care, free transporation, free housing, and free education. This just goes to show you are government isn't doing enough to hound these scoundrels!

Just because you can make a TV show or a movie doesn't mean you should be rich. There are many urban Blacks and Hispanics that need their money more than they do right now in these terrible economic times.

Power to the People.