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Typically the present is money, or a gift card. A real present is possible if you really know the person's taste, but for the most part it's just like any other contrived party, like a baby shower or wedding shower. The amount of money really depends on how well you know them--pretend they're getting married, and spend what you would spend on a wedding present for them.
An all day open house is kind of a weird party format, IMHO, but what do I know?
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