I imagine that you could build a functional equivalent with an ESP8266, a power adapater, and a Twilio account - no server required, since you should be able to measure volume directly on the ESP8266 itself. The parts would cost you less than $20 - probably less than $10.
NodeMCU (basically ESP8266 + USB-to-serial and power over USB) is ~$3, if you can find a reliable USB charger for less than $7, then this project will definitely cost less than $10 in parts.
One that emits an ear-splitting siren if the noise gets too high? Much cheaper and more convenient than reporting to the owner. The kids will get the point pretty quickly.
Or they'll just put a thick towel on it and continue the party.