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A great article coming out the New York Times this past week on selling a home in a slow market. Instead of following the traditional path of showing a home, this realtor investor threw a party and invited people who could afford the home. They bought the home out of foreclosure, invested in getting the home in shape to sell, and now are marketing it well. A lesson to follow for those who follow real estate closely.

“Welcome to my home,” said Mr. Elliott, the owner of a real estate agency specializing in houses selling for more than $1 million. He is also a part owner of the house, a 12,000-square-foot cedar and stone behemoth set high on a hill in Tall Oaks, a private community of 35 homes.
Inside, about 300 guests sipped Champagne and nibbled on spicy tuna tartare as colored lights pulsed in the living room, where three hired break dancers performed on a black-and-white checkered dance floor put down for the occasion over a new cream-colored carpet.
“Take a look,” called Paul Clark, the M.C., over the blaring music, urging partygoers to boogie and to check out the mansion’s luxury features, from the 1,000-square-foot master suite with his-and-hers closets (hers is bigger) and the Carrara marble bath with his-and-hers water closets (hers includes a bidet) to the spacious new black onyx marble kitchen with twin stainless-steel Grand Canyon-size Sub-Zero refrigerators.
In its over-the-top twist on the usual brokers’ inspection, the open-house party may be the surest sign yet that the supersonic real estate market on Long Island is spiraling back to earth. Gone are the not-so-distant days when brokers drove through desirable neighborhoods with anxious buyers, boldly knocking on homeowners’ doors with promises of sale prices that defied gravity. via New York Times with a hat tip to The Housing Bubble Blog.

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