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http://www.minyanville.com/articles/index.php?a=14045
It's a situation that is becoming all too familiar to "Real Estate Johns." CBS News reports that New Rochelle, NY Police raided a three-bedroom home on Friday night arresting four alleged prostitutes and the homeowners in what is being described as a suburban brothel.
Charged with promoting prostitution were Richard Werner and Heather Mezzenga, both mortgage brokers who moved out of the house roughly two years ago so they could begin renovating another home.
Before opening the brothel the two mortgage brokers tried to sell the house, listing it for $750,000, but found no offers at that price. Even after the asking prices was slashed by 20% the couple found no takers. Faced with a high cost of carry on the property, the couple allegedly did what any desperate homeowner would do; they turned it into a brothel.
Indeed, there are increasing signs that this worsening housing slump is beginning to spill over into other areas of economy; namely, prostitution. Real estate "shoppers" report finding fewer and fewer "open houses." Meanwhile, "Realtors" are noting that what few "buyers" they are "showing houses" to are "bidding" less for the "property."
Of course, this is nothing new to those "in the game." Pimps have long claimed that the business "ain't easy," and now, as dark days spread deeper throughout the Real Estate industry, it turns out neither is "selling houses."
It's a situation that is becoming all too familiar to "Real Estate Johns." CBS News reports that New Rochelle, NY Police raided a three-bedroom home on Friday night arresting four alleged prostitutes and the homeowners in what is being described as a suburban brothel.
Charged with promoting prostitution were Richard Werner and Heather Mezzenga, both mortgage brokers who moved out of the house roughly two years ago so they could begin renovating another home.
Before opening the brothel the two mortgage brokers tried to sell the house, listing it for $750,000, but found no offers at that price. Even after the asking prices was slashed by 20% the couple found no takers. Faced with a high cost of carry on the property, the couple allegedly did what any desperate homeowner would do; they turned it into a brothel.
Indeed, there are increasing signs that this worsening housing slump is beginning to spill over into other areas of economy; namely, prostitution. Real estate "shoppers" report finding fewer and fewer "open houses." Meanwhile, "Realtors" are noting that what few "buyers" they are "showing houses" to are "bidding" less for the "property."
Of course, this is nothing new to those "in the game." Pimps have long claimed that the business "ain't easy," and now, as dark days spread deeper throughout the Real Estate industry, it turns out neither is "selling houses."
