Archive for January, 2008

Let’s stay home! Cressey makes it really easy for the evening mantra at Mantra in Kitsilano to be just that

Saturday, January 19th, 2008

Michael Sasges
Sun

Cressey’s Tracy Chong, at the Mantra model in the new-home project’s sales centre, says one building would have been too much building at the corner of Fourth and Pine. Photograph by : Ian Lindsay, Vancouver Sun

Thirty of the 68 Mantra households will reside in the B plan apartment, the floorplan shown here. Plan B apartments are one-bedroom, one-bath, with den residences ranging in size from about 650 sq.ft. to about 680 sq.ft. Five Plan B households, on the second floor along the lane between West Fourth and fifth, will also enjoy unusual-for-apartment outdoor space, terraces ranging in size from about 460 sq.ft. to 510 sq.ft.

The captain’s bed and cabinetry in the show-home bedroom and the den cabinetry are show-home items only, but could be ordered by Mantra buyers from the millwork company that made them for the show-home. Tracy Chong advises.

MANTRA

Project location: West Fourth at Pine, Vancouver

Project size: 68 apartments, 2 5-storey buildings

Residence size: 1 bedroom; 1 +den; 2 +den; about 650 sq. ft. — 985 sq. ft.

Prices: $454,900 — $939, 900

Sales centre: 2060 Pine, at West Fifth

Hours: Noon 5 p.m., Sat — Thu

Telephone: 604-734-3488

Web: yourmantra.com

Developer: Cressey

Architect: IBI/HB

Interior design: InSight Design Group

Occupancy: Spring 2009

– – –

The Mantra new-home project is the latest demonstration of the contribution of neighbourhood to felicitous design, interior and exterior.

Mantra is a lowrise development; its apartments will be heated and cooled geothermally; and their kitchens will facilitate fine dining at home.

Kitsilano is a Vancouver neighbourhood in which proximities facilitate the preparation of the memorable meal, engender environmental considerations, and keep the built environment close to the ground.

Granville Island Public Market, and its butchers and fishmongers and green grocers and bakers and wine and beer merchants, is a 10-minute stroll from the Mantra property, to the north.

The six-block West Fourth shopping district starts one block away and to the west.

The 10-block South Granville shopping district starts two blocks away and to the east.

Cressey could have selected apartment-sized appliances. It has elsewhere, but didn’t at Mantra.

What it is installing, in every Mantra kitchen, is a KitchenAid Architect II “suite” consisting of a four-burner gas cooktop, a wall oven, a dishwasher, a hoodfan, a microwave and an under-the-counter wine cooler.

The last is, if not the first cooler I have seen in a new-home project, then probably the first.

To linger on the Architect II site of the KitchenAid web page is to become quickly convinced that here is an appliance batterie de cuisine worthy of the market opportunities around Mantra.

Further, Cressey is building in dry-goods storage that will permit the economical household to take stock-up advantage of all those opportunities.

Each Mantra apartment will have a “pantry wall” of enclosed narrow shelving and a pantry or small storage room.

“We’re looking for buyers who like to do things at home,” Cressey’s Tracy Chong said in an interview.

At the last Cressey new-home project she directed, the Donovan highrise now under construction on Richards Street downtown, Cressey was not trying, firstly, to appeal to homebodies.

“At Donovan, we had smaller appliances in a more compact kitchen. I think the people who buy downtown and the people who will buy here are looking for different lifestyles.

“This is for people who will go down to Granville Market, buy fresh produce, come home, cook dinner, [then] go for a walk on the seawall.

“If you’re in Yaletown, you will go out to a restaurant. Sure, there is a seawall in Yaletown, but it’s a different kind of dinner first.”

The storage, she says, reflects a fact of life — we have a lot of ”stuff” and its storage is a challenge to elegantly occupy a home.

Each Mantra apartment, accordingly, will have both “basement” storage locker and plentiful in-the-home storage. “It’s nice to put things away and to keep your space neat and tidy,” Chong says.

Kitsilano is the Vancouver neighbourhood in which proximities might facilitate the profession of environmental sensitivity.

Vancouver‘s most enduring contribution to world environmental awareness, Greenpeace, started in Kitsilano.

Some of its founders were living in an old Kitsilano Craftsman a few blocks away from the Mantra property when they started Greenpeace. They maintained an office on West Fourth for years.

One of Vancouver‘s earliest geothermal adventures is to the west of the Mantra property, in a mixed-used building on West Fourth anchored by a Capers grocery and a Coast Mountain Sports shop.

The Mantra households will all reside in apartments heated and cooled geothermally. (Cressey is a pioneering sponsor of geothermal heating and cooling locally.)

Cressey is telling Mantra prospects that geothermal heating and cooling will reduce each household’s energy bill by as much as 70 per cent annually, and will not add the 53 tonnes of greenhouse-gas emissions that 68 conventionally heated and cooled apartments would.

“We look at geothermal with every project that we’re doing,” Tracy Chong reports.

“Concerns about global warming have really come to the forefront. They’re top of mind for consumers and us at Cressey.

”This is a company philosophy, to try and do our part to ensure every new project we build treads as lightly on the environment as possible.

“Geothermal is good for the environment and the purchaser, cost-effective heating in winter and air-conditioning in summer. It’s a win-win situation.”

Where Cressey departs from the neighbourhood ”model” at Mantra is in construction technique: The Mantra buildings will be concrete buildings, highrise architecture and sound-proofing and glazing in a lowrise project.

The first pass of densification in Kitsilano, about 40 years ago, was very much executed with the wood-frame lowrise.

© The Vancouver Sun 2008

 

Camcorders with flash, Pacemakers with style

Saturday, January 19th, 2008

Sun

CANON FS100 FLASH MEMORY CAMCORDER

BELKIN DESKTOP INTERNET PHONE FOR SKYPE

USB RECHARGEABLE BATTERY

CANON FS100 FLASH MEMORY CAMCORDER, $500

Thinking about upgrading your camcorder? Or feeling left out of the rush to put your favourite videos online? Then the flash memory camcorders models should be on your list of ones to try out. Canon is releasing its new camcorders this April and look for the FS100 that has a 48x advanced zoom, a 1.07 megapixel CCD image sensor and a SDHC card (Secure Digital High Capacity) slot. It will be available in silver, navy and red.

BELKIN DESKTOP INTERNET PHONE FOR SKYPE, $100

If you’re among the 245 million users of Skype, here is Belkin’s latest phone that plugs into a wired or wireless router or an Ethernet port to let you start dialling those Skype calls. It has a speaker, speed dial, call hold and release, call pickup/park, mute and all the other bells and whistles like contacts and call-timer display. At www.belkin.com.

PACEMAKER, TONIUM LABORATORIES, 520 EUROS, ABOUT $780 CDN.

Billed as the first ‘professional pocket-sized DJ system,’ this lets you walk into a party with all your music stored on a 120-gigabyte Pacemaker hard drive. Plug it into a sound system and you’re an instant DJ. It lets you mix between tracks, use effects and the other tricks of the DJ trade. It also gives you Pacemaker Editor, downloadable software for Macs and PCs to play, edit and create mixes for your music. Expected out by mid-February. They’re taking pre-bookings at www.pacemaker.net.

USB RECHARGEABLE BATTERY, ABOUT $20 FOR TWO-PACK

Now here’s a new twist for the rechargeable battery. AA batteries from the folks at Kinlan who’ve brought us such other indispensable items as the USB beverage cooler. Power up by charging these batteries through the USB port on your computer or gaming console.

© The Vancouver Sun 2008

 

Downtown South was quickly embraced by urbanites, but that growth spurt has come with a price

Saturday, January 19th, 2008

Frances Bula
Sun

The small Emery Barnes Park is a rare green space found in the increasingly dense Downtown South, which reached an estimated population of 11,000 in 2002 — 14 years earlier than expected. Photograph by : Ian Lindsay, Vancouver Sun

Those living in growing Downtown South say they like this spot because of its eclectic atmosphere, which has a different feel from neighbouring Yaletown area pictured above. Photograph by : Ian Lindsay, Vancouver Sun

VANCOUVER Vancouver‘s West End has always been the flagship symbol of dense urban life for Metro Vancouver. People liked to brag it was as dense as Manhattan.

That wasn’t true, strictly speaking, but the urban myth reflected the pride Vancouverites took in having created a West Coast version of New York.

However, the West End is looking positively suburban these days, compared to what’s happening next door.

A new Vancouver neighbourhood is emerging that, when it’s built out, will pack in twice as many people per square kilometre as the West End.

No, this new mini-Hong Kong isn’t the swath of glass towers that ring the southern perimeter of the downtown peninsula.

Instead, it’s the lesser known neighbourhood bordering it that is now being called, in city planning documents and almost nowhere else, Downtown South.

It’s an artificial term the city uses to describe the irregular 35-hectare patch of downtown land that isn’t Concord Pacific, isn’t Yaletown, isn’t the West End and isn’t the central business district.

In essence, it’s the no man’s land between Burrard and Pacific Boulevard that is slowly being transformed from an irregular jumble of low-rise clubs, auto shops, hairdressers, government buildings, second-hand stores, tattoo parlours, and houses that are the last remnants of early 20th-century Vancouver into a forest of condo towers.

The 34 blocks of the Downtown South are currently home to 46 towers, 15 more under construction ranging from holes in the ground to almost done, and unknown numbers more on the way for the sites now occupied by parking or one-storey buildings.

City planners originally projected that 11,000 people would live in the area by 2016. The Downtown South hit that mark by 2002, 14 years early. The planners also thought the total population would max out at around 14,000. Now, they estimate it’s going to reach 24,000 by 2021 — 448 people per hectare, double the density of the West End, according to figures from the city planning department’s data expert, Andy Coupland.

That’s the equivalent of moving every last person who currently lives in the towns of Ladysmith, Hope, Queen Charlotte City, Revelstoke and Rossland into those 34 blocks.

The area is attracting a breed of residents for whom even the West End was a little too tranquil and remote from downtown life.

“West of Denman is very quiet,” says Roger Chilton, a 60-something arts fanatic who moved to the corner of Richards and Davie a few years ago. “Here, I can walk out to all of the theatres in the downtown.”

DIVERSITY DRAWS DENSITY

But Downtown South is also having its problems as the city, park board and schools scramble to provide services for the population explosion. That includes coping with a group no one anticipated would be part of the explosion — the homeless.

It is a critical piece of territory in the city for a couple of reasons.

This dense little pocket, unlike the swanky new Shangri-La and Ritz-Carlton towers being marketed to wealthy foreigners or the upscale enclaves of Coal Harbour and north False Creek, is where non-rich Vancouverites are the most likely to buy or rent if they want to be in the new downtown.

The area is also a living experiment in how the much-vaunted Vancouver model works when the city is not dealing with the relatively easy megaproject developments.

Those developments gave planners the advantages of, first, a single developer to negotiate with; second, lots of land; and third, nothing on that land. That allowed the city and developer to come up with a big-picture plan and a one-shot bargaining session over getting the parks, community centres, seawall enhancements, daycares and whatever else they thought was needed for the new residents.

But in Downtown South, the city has to deal with dozens of developers, a range of sites, existing buildings, and no simple way to reserve land for needed services.

The result is a lesson, both for Vancouver and for all the clusters of tower-building currently going on in the region, about the challenge of making dense places livable and well-serviced when they’re not part of a master plan.

Stop the people walking through the Downtown South, call them up out of the blue, and they’re remarkably passionate about how much they enjoy their neighbourhood.

“I love the area,” says Chilton. “It’s oddly not quite what I expected. I would have expected it to be more adult-oriented, but it’s not.”

He lives across the street from the area’s one green space, Emery Barnes Park. Yaletown, with its distinctive old warehouse buildings, is a block away. He never has to use his car; everything he needs is within walking distance.

Terry Davis, a generation younger than Chilton, is equally enthusiastic. He and his wife first lived in Maple Ridge when they moved to Vancouver in 2001. “We loved the apartment but we hated living there,” said Davis, a freelance photographer. “We like being able to walk. I really do love this neighbourhood.”

It’s got a different feel to it from any other part of downtown Vancouver. There’s even a marked difference from its closest neighbours, with Pacific Boulevard marking the boundary between the more family-oriented, park-rich, manicured and expensive Concord land on the water.

GRITTY REALITY ATTRACTS THE YOUNG

Downtown South is a land of concrete and brick, filled with repeating rows of Vancouver‘s trademark, street-level, fancifully named condos like the Freesia, the Mondrian, the Eden, their point towers rising above them, that are built right up to the sidewalks.

There’s far less green, with no mature trees, only one traditional park, and few grass boulevards. And it’s much more traffic-dominated. Unlike dense Manhattan, which is a mix of high-traffic streets and quieter residential avenues, or the dense West End, where many streets have been all but closed to traffic, almost every street running through this land-locked neighbourhood is a commuter route leading to a bridge.

On the other hand, it’s got an organic grittiness to it that many people prefer to the more manicured megaproject developments.

Katie Warfield, a 30-year-old college instructor, said she gets enormous pleasure out of the variety in the area. Within a block of her apartment, there’s Madame Cleo’s, “Vancouver’s finest sensual massage parlour” as it advertises itself, three turn-of-the-20th-century houses, a pristine silvery modernist low-rise that is a pleasure to look at, the park, occupied by the two main demographics of dog-walkers and homeless people, and the Choices grocery store.

“In the master-planned communities, you see the whole narrative laid out. But here, it’s a lot of little stories,” said Warfield, a communications graduate with a background in urban design.

It’s also young. More than 35 per cent of the residents are in the 25-34 age group according to the 2006 census, higher than any other part of the downtown.

In one way, it’s exactly what the planners wanted. The Downtown South was always envisioned as being the city’s affordable alternative to the megaprojects, since it was away from the waterfront. It was planned to be dense, but with places to go nearby for a break from that density.

“In a dense area, you need a feeling of respite,” says senior central-area planner Michael Gordon. The respite “rooms” for the neighbourhood are the older, low-rise historic streets of Granville and Yaletown, with the parks and seawall just beyond that.

The city also pushed developers to create more family-friendly projects, with two- and three-bedroom units and accessible, watchable play spaces designed into the buildings.

But the plans took turns that no one expected in the last 20 years. It got denser faster than anyone imagined. The Downtown South became the area that absorbed extra density for all kinds of things the city was trying to do, from saving heritage buildings to getting new arts spaces.

Many cities are trading the one resource they have — land — in exchange for city benefits, but no area has likely taken as much density in so little space as Downtown South.

Developers could get 10 per cent more space than normally allowed for their buildings if they bought heritage density — that imaginary space the city has created and given to building owners in historic areas like Gastown and Chinatown so they could sell it as a way of paying for restoration.

Developers also got extra density in return for providing the kinds of community services that the city couldn’t or wouldn’t pay for on its own: the VanCity theatre on Seymour in the Brava, the Contemporary Art Gallery in the Mondrian on Nelson, and space for a music school, Orpheum expansion, and 150-seat rehearsal studio in the Capitol Residences that will replace the old Capitol 6 theatre building on Granville.

That Capitol project set new records in the city’s density horse-trading. In exchange for the 46,000-square-foot music facility, and $1.89 million to operate it for 20 years, developer Rob Macdonald got 250,000 square feet more space than the 90,000 allowed by the zoning. The permitted tower height was increased from 300 to 414 feet.

But besides the density getting shoehorned in, development happened at a rate planners hadn’t expected. While megaprojects, with their marketing departments advising them on roll-out strategy, produced towers at even and predictable rates, the dozens of individual developers working in Downtown South just barrelled ahead pell-mell, outstripping the city’s ability to keep up.

Added to that, another strange thing happened: children started showing up in record numbers. Although city planners studiously insisted that developers build child-friendly places, everyone seems to have been surprised by the response. The latest census statistics showed there are around 600 children living in the area.

HIGH COST OF AMENITIES

Last May, central-area planner David Ramslie sent an almost desperate-sounding report to council. The city, he noted, had promised to provide 2.8 hectares of park space in the area. It had provided .53 hectares — the Emery Barnes Park, which is only one-half of the park that was promised for the area. And getting more space was increasingly problematic, with prices skyrocketing and land-hungry developers snapping up every square foot in the increasingly competitive downtown.

The city had planned to create 189 child-care spaces by last year. Only 74 had been created, while the waiting list for spaces throughout the downtown grew to 1,800 by last year.

The city had set a target of 688 units of social housing. Only 533 had been created.

In all, Ramslie concluded it would take around $80 million to provide the missing parks, child care, social housing, and street improvements this populous little area needed by 2021. In response, council approved a drastic 50-per-cent increase in the fees they charge developers to help pay for community amenities, up to $13 a square foot. But even the increased money doesn’t solve all problems.

FINDING SOLUTIONS

Behind the scenes, staff have also been taking extraordinary measures to try to muscle in some of those services.

City council, in a rare move, authorized staff to expropriate one piece of property on Seymour to help acquire all the land needed for the second half of Emery Barnes Park. As it turns out, the expropriation power hasn’t been used as the city’s real-estate department and the owner continue to negotiate.

To create daycare spaces, the city’s real-estate director, Mike Flanigan, has put a lot of pressure on developers to provide child care in their buildings. Henry Man of Magellan Developments is putting a 37-space daycare into his Atelier project at Homer and Robson.

Man admits he didn’t really want to. In spite of the considerable reward of extra floor space the city gave his project in return for building the daycare, Man says nothing really makes up for the complications that a daycare in a building brings, from the endless meetings to the architectural redesign required to comply with, for examples, rules about hours of sunshine for the outdoor play space. And it’s not even a marketing advantage, since he can’t promise buyers with children will get a space in the daycare, while buyers without children may be put off by the idea of a unit near what they fear will be a noisy area.

But Flanigan and his staff talked him into it. “At the end of the day, they were persistent.”

However, even the real-estate department can’t work its magic with the schools. The school built at the eastern end of the peninsula, Elsie Roy, has achieved the dubious distinction of being the only public school in the Lower Mainland, possibly in North America, where parents camp out overnight just to get their kids a spot in the regular kindergarten program.

The province’s education ministry is refusing to build the other elementary school planned for the area at International Village, saying there are empty spots in nearby Strathcona, on the other side of Main and Hastings — an option unlikely to entice people who moved downtown so they wouldn’t have to commute.

Gilda Philps, the head of the parent committee at Elsie Roy, says local realtors tell her the school crunch is a major factor. “Families are leery because of the school. If they can’t get in, they’re not sure they want to move here.”

There’s one other demographic that’s been part of the population explosion: the homeless.

“We didn’t anticipate we’d be dealing with the amount of homeless and mentally ill as we have been,” says planner Michael Gordon. Downtown South was home to a fair number of residential hotels. The city’s been performing contortions to replace them, but it can’t keep up.

That’s not surprising. Developers and marketers are having a hard time working out how to build something affordable for people who have incomes, let alone those without.

Tracie McTavish of Rennie Marketing calls the Downtown South “this undiscovered jewel in the downtown,” but says the skyrocketing real-estate and construction costs are making it increasingly difficult to build housing that regular Vancouverites can afford.

McTavish is working with one developer trying to build a tower next to the old Murray Hotel, which will be preserved as low-income housing next to the market condos. “We’re trying to make it affordable but these days, affordable just means really small suites,” said McTavish. As a result, Rennie Marketing is contemplating a building of 500-square-foot suites.

If that trend continues, that could mean even more people packed into the Downtown South than the 24,000 envisioned now.

Forget Hong Kong. Hello Manila.

© The Vancouver Sun 2008

 

Reverse mortgages aren’t for everyone

Friday, January 18th, 2008

Christine Dugas
USA Today

Ernestine Boach, with pet bird Sammi, got a reverse mortgage at 62. But reverse mortgages aren’t always a good idea, especially in early retirement. By Max Dolberg for USA TODAY

After her husband died, Ernestine Boach felt she needed financial guidance. It was 2003, and Boach had just turned 62. An adviser urged her to take out a reverse mortgage, available mainly to those 62 and older, and use the money to buy deferred annuities.

“He told me that he had a wonderful deal for me,” she says.

It turned out to be a huge mistake. Boach wasn’t well-suited for a reverse mortgage, which is a loan against home equity that doesn’t have to be repaid until the owner dies or sells the home. The estate repays the loan, plus interest and fees. The home is typically sold to make the payment.

But Boach had planned to leave her home to her daughter.

“It’s in a trust for her, and I was assured that the home was going to be saved,” says Boach, who is now 66 and lives in San Diego.

Reverse mortgages represent a small fraction of the mortgage market. But they’re growing fast because of a tantalizing advantage: They let seniors with small nest eggs tap equity in their homes for cash, without having to repay the loans as long as they stay in the homes. As the oldest baby boomers turn 62 this year, they’re likely to face high-pressure pitches for reverse mortgages.

As Boach learned, it isn’t always a wise idea, especially during the early retirement years. There are other ways to draw income out of a home, such as a home equity loan, that are cheaper and more flexible, experts say.

The amount you can borrow in a reverse mortgage hinges on your age, the home value and interest rates. The older you are, the more you can borrow. Yet the average age of borrowers is falling.

“It’s a generational shift,” says John Rother, policy director at AARP. “Our parents’ generation saw the home as a bedrock of security, and it was a good deal to pay off the mortgage and own it free and clear. Many boomers, on the other hand, are treating the home as a financial asset and are using it to borrow against its value.”

Meg Burns, director of the Federal Housing Administration’s Single Family Program Development, notes that “as the boomers come of age, they’ll be thinking about their home as an asset in their portfolio” that can help ensure a comfortable retirement.

The FHA’s reverse-mortgage program, called the Home Equity Conversion Mortgage (HECM), is federally insured and is the most popular type. Those considering a loan that isn’t federally insured should be sure they’re working with a strong financial institution with a solid track record, says Peter Bell, president of National Reverse Mortgage Lenders Association.

Some reverse mortgages are now available for second homes. World Alliance Financial has introduced Simple60, for those as young as 60. The FHA’s federally insured reverse mortgages aren’t available for anyone under 62.

The reasons younger retirees might need a reverse mortgage vary. John Dull, now 66, retired in 1995 when his company was downsizing and he’d had some health problems. Since then, Dull and his wife have been relying on his pension and Social Security benefits. But their bills have been rising while their income hasn’t.

“We had some debt to clear up and some improvements to make on the house,” Dull says.

Still, reverse mortgages tend to be costlier than other home loans. The FHA’s loan typically charges an original fee of 2% of the home value and a mortgage insurance premium of 2%. There are title searches, appraisals and other costs, too.

Say, for example, a 62-year-old Michigan woman with a home value of $250,000 applies for an FHA “HECM 100” loan. The total fees and costs would be $11,410. So the loan amount that the borrower is qualified for, $127,556, would be reduced to $116,147, according to World Alliance Financial, a provider of the HECM and other reverse mortgages.

“The fees are kind of high,” John Dull says.

But the couple went ahead with the loan because they felt they had no better option for tapping money. “The advantage of the loan outweighs the disadvantages,” he says.

Two years ago, William Mansfield considered a reverse mortgage when he needed to fix a summer house on Block Island, R.I. “We had to do extensive renovation,” he says. “We were trying to figure out how we might pay for it.”

Mansfield waited until his wife, Kit, turned 62. (The FHA requires that both spouses be at least 62.) Before consumers can apply for the FHA’s reverse-mortgage program, they must consult an independent counselor. Based on the advice they received, the Mansfields decided against a reverse mortgage.

In part, the high cost deterred them. They also realized that if they took the loan, the 200-year-old home wouldn’t stay in the family after they died.

Others start looking toward a reverse mortgage even before they turn 62. Joe Higginbotham, 56, says he’s considering one even though he won’t qualify for six years. Higginbotham, who retired from International Paper in 1997 after being hurt in an auto accident, moved near Grand Junction, Colo. He’s drawn to the idea that a reverse mortgage could let him borrow money and stay at home.

“It’s a great thing,” he says. “There are no payments. You still own (your home), and you can still live in it until the day you die. And you can do whatever you want to with the money.”

Reverse mortgages traditionally have been used by older retirees to pay health care bills. But younger people tend to use the money to pay off credit card debt or pay down their mortgage, according to the AARP national survey.

Affluent borrowers, meantime, often consider a reverse mortgage to buy a second home, Bell says. And others take one out even if they don’t need money right away. Some of them, Burns says, worry that their car could break down or their house will need a new roof.

Those may be good reasons for taking out a reverse mortgage. But one thing has caused much concern: Too often, retirees are urged to use the loan to take out a deferred annuity, which typically provides high commissions to salespeople.

And deferred annuities “are almost always inappropriate for seniors, as they can tie up retirement savings far beyond one’s life expectancy,” Sen. Herb Kohl, D-Wis., said during a recent congressional hearing on reverse mortgages.

Single women — who account for about 45% of reverse-mortgage borrowers, according to the AARP survey — may be particularly susceptible to such advice. Ernestine Boach says her adviser recommended a reverse mortgage and high-cost annuities. Though she underwent credit counseling before she applied for the reverse mortgage, she says her adviser told her it was just a formality.

“He told me not to listen to that, because they don’t know what my financial adviser is doing with the money,” she says.

To keep her home, she took out a home loan for $140,000 and used it to pay off the reverse mortgage. To do so, she had to cash in the deferred annuities, which caused her to be slammed with high surrender charges. On top of having home mortgage bills to pay, she says, her credit card debt has hit $10,000.

Boach feels embarrassed by the whole situation.

“I was naïve,” she says. “I still am. I don’t understand all these policies. But I hope this story helps somebody else.”

 COMPARING REVERSE MORTGAGES |

 

The younger the borrower, the smaller the Home Equity Conversion Mortgage (HECM) loan amount:

Year of birth

1946

1936

1926

Home value

$600,000

$600,000

$600,000

ZIP code

63122

63122

63122

If you choose a single lump-sum loan, it would equal:

$113,457

$132,115

$152,680

If you choose a monthly loan payout, you would receive this monthly amount as long as you live in the home:

$638

$819

$1,162

Note: Calculations do not include fees and costs that would reduce the amount you receive. Nor do they reflect local cost variables or account for a home equity loan or other debt on a home that could affect a reverse-mortgage amount. Source: AARP Reverse Mortgage Calculator estimates

 

B.C. experts fear new computer Trojan a threat to all online commerce

Friday, January 18th, 2008

Gillian Shaw
Sun

A secure Internet website no longer guarantees that consumers are safe from thieving hackers who can empty their bank accounts and pilfer their credit cards, British Columbia‘s Crime Prevention Association warned Thursday.

The association issued the warning following reports of the Silentbanker, a Trojan-horse virus that is stalking computers and giving hackers a front-row seat on transactions between banking customers and their financial institutions.

“This is an ominous threat for business when consumers can’t feel secure any longer,” said Valerie MacLean, executive director of the BC Crime Prevention Association.

“They will no longer be able to feel confident that the locked padlock symbol and the ‘S’ in the website address is actually a secure website.”

The Silentbanker virus performs an updated and considerably more sophisticated version of the age-old banking “phishing” scams, in which people are directed via e-mails to bogus banking sites that can pick up passwords and other critical financial and personal information.

The threat could spread beyond the 400-plus banks worldwide that have been targeted so far, according to the association.

“It can be a major headache for them and it’s not just the banks. The precedent has been set,” said Jeff Burton, the association’s manager of programs and projects.

“I don’t think we can safely say this is restricted to banks.

“The technique these hackers have used to pull this off could be applied to any e-commerce website, I would think.”

Since the Trojan is downloaded to individual computers, usually during routine Web-surfing, consumers have to look to their own computer security, not their bank’s, for protection.

The virus allows hackers to get between the computer user and the bank, so even if a banking client is looking at a secure banking screen with its authentication and the tiny padlock denoting security encryption, there is no guarantee a hacker isn’t picking up information or stealing money and directing it to another account.

“It is worse than phishing. We are not talking about unsolicited e-mails, we are talking about honest-Joe citizens who are doing their banking online and now we have to say to them, ‘Be very careful,'” said Burton.

“The only solution I see is to make sure all your anti-virus software is up to date and to be checking your balances way more frequently than perhaps you do now for any sign that someone has tapped into your bank account.”

The latest twist in online fraud has banks renewing their warnings their clients to update their computer security software and install any patches for such problems as flaws in website browsers and Windows operating systems.

Coast Capital Savings, which is investigating the threat, posted a warning on its website Thursday.

Leung said while there have been no reports of members of his credit union falling victim to Silentbanker, Coast Capital is advising people to ensure their computers are secure.

“The home user is not always aware of the importance of updating their computer,” he said. “If you are working for a company, those things are usually taken care of by the IT staff.

“There are various things you can do at home to protect yourself.”

Leung recommended computer users update their operating-system software, install a firewall and ensure their anti-virus software is updated.

The Canadian Bankers Association said banks here are aware of the new threat, which doesn’t target their networks but rather installs itself on individual computers.

“While banks have extensive security systems in place and work around the clock to protect customers from fraud, consumers have a role to play in protecting themselves as well,” the CBA said in a release. “Banks help by promoting awareness of online security and providing advice on how to make personal computers more secure.”

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KEEPING SAFE ONLINE

Advice from the Canadian Bankers Association on avoiding online fraud:

– Install and maintain a firewall to guard against unwanted access to your computer.

– Install proven anti-virus, anti-spam and anti-spyware software and keep them updated.

– Install patches and updates to your operating system and applications as they become available from the manufacturers.

– Avoid using a public computer to do financial transactions.

– Log out of online transactions and clear the browser cache after you visit secure sites.

– Change your online banking password regularly, use hard-to-guess passwords (e.g. using a combination of letters and numbers), and never share your password with anyone, even family members.

– Many businesses require that you use 128-bit encryption to access secure websites. Update your Web browser on a frequent basis to ensure you are using the latest browser technology and the highest encryption level.

– Always ensure that you are in a secure environment. Look for the closed-lock or unbroken-key icons on your browser when entering credit-card or other sensitive data. Also make sure that the website address in the address bar begins with https rather than just http. If you don’t see these or if you see a broken key or the open padlock, your transaction is not being securely transmitted across the Internet. (However, in the case of the Silentbanker Trojan, this won’t help because even though a hacker can be eavesdropping on the transaction, the site will still show the security symbols).

– Use common sense and be aware of potential security leaks. You wouldn’t give information to just anyone in the off-line world. Apply the same discretion online.

– Monitor the transactions in your bank account and report anything unusual to your financial institution right away.

© The Vancouver Sun 2008

 

Olympus Stylus 790 SW takes beating, keeps snapping

Thursday, January 17th, 2008

Edward C. Baig
USA Today

The Olympus Stylus 790 SW

The Olympus Stylus 790 SW was dropped, dunked in water and stuck in a bucket of ice but kept on taking pictures.

Digital cameras tend to be delicate. The LCD display and lens on my pricey Canon point-and-shoot were damaged recently because I had the audacity to carry a pocket-size camera, minus a case, in well, my pocket. A second Canon died when I dropped it in a kiddie pool.

Such incidents didn’t stop me from rough-housing with yet another pocket-size point-and-shoot, the $300 Olympus Stylus 790 SW. Olympus markets the camera as a durable alternative to rivals from Canon, Nikon, Sony and Kodak.

The Stylus is tough, at least based on my rigorous tests. The camera is waterproof to a depth of just under 10 feet. (Olympus sells a $300 underwater housing for divers who want to plunge a lot deeper.) It’s shock-resistant to 5 feet, and dustproof, too. And it can handle temperatures as low as 14 degrees Fahrenheit.

To be sure, the Stylus got a little nicked up as I dropped it, kicked it and got it wet. But I could continue to snap and view pictures. That makes it a fine choice for casual shutterbugs who want to snap away while snorkeling, skiing, sledding or engaging in other outdoor activities.

Here’s a closer look.

The torture chamber. OK, Olympus dared me. To gauge the camera’s ruggedness, I ran it through a battery of tests. I played catch with a colleague, submerged the Stylus in a bathroom sink and put it in a bucket of ice for a minute or so. Several times I intentionally dropped it onto a hilly San Francisco street.

And the Stylus survived perhaps the most torturous test of all: I placed it in the hands of a 4-year-old.

Best I can tell, my recklessness didn’t void any warranties. But Olympus says you will violate the warranty if you, say, open the battery door underwater or drop the camera from a height much more than 5 feet.

Body armor. You’re likely thinking that a sturdy and resilient camera must weigh a ton or be housed in hideous-looking armor. Stylus is constructed of metal, all right, but it’s a decent-looking camera that weighs less than 5 ounces. My test unit was lime green, but it is available in several other colors.

Olympus took several measures to shield the camera from harm. There’s a floating internal circuit board. The housing for all internal components was cast from one mold, as opposed to several separate pieces riveted together. That reduces the likelihood, Olympus says, of small breaches or fractures. Seals and gaskets are waterproof. And there’s a water-repellant lens coating.

What’s more, the lens is less likely to suffer damage because it doesn’t protrude, as lenses on many other cameras do. Even so, Olympus oddly sells a $15 optional silicone skin to protect it against bumps and scratches.

Taking pictures. I snapped several pictures and short video clips, and on that important score, the 7.1-megapixel model produced perfectly fine, if not exceptional, results. The camera did inadvertently snap at least one picture after hitting the ground, but as with any digital camera you can instantly dispose of duds.

Stylus has several useful features common to digital cameras nowadays, including image stabilization (to protect you from the shakes) and face detection (for properly focusing on your subjects’ mugs). It also has a fairly standard 3X optical zoom and more than two-dozen different shooting modes.

Still, some features are missing. I wish the camera had an optical viewfinder rather than making me frame the shots on its 2.5-inch LCD display, which is difficult to make out in direct sun. But I can’t hammer Olympus too hard, because a lot of other point-and-shoots are designed these days without a viewfinder.

I had other quibbles: I’m not crazy about the placement of the zoom controls on the upper portion of the camera’s back side. I’d prefer the controls to be on the top. The onscreen menus could be more intuitive.

And Olympus (along with Fujifilm) continues to use a small proprietary memory card type called xD rather than the more universal Secure Digital, or SD, cards.

I had a slight issue with shutter lag, the time it takes to capture an image after snapping a picture. The lag was a moment longer than on my compact Canon digital camera. That’s a problem when you’re trying to get your kids to pose.

The battery could also last longer. Olympus says you’ll get about 200 pictures on a charge, but my battery pooped out after less than half that. It takes about five hours to charge the battery again.

Overall, the Stylus 790 is an excellent choice for people who tend to be hard on their high-tech gear. Though not bulletproof, it’s a good-looking and reasonably priced camera that should more than survive the rigors of an active lifestyle.

 

Bowls of noodles beat blues

Thursday, January 17th, 2008

Motomachi Shokudo is a magnet for those seeking to buck up their spirits with ram

Mia Stainsby
Sun

Daiji Matsubara, owner of Motomachi Shokudo restaurant, displays a noodle dish. Photograph by : Bill Keay, Vancouver Sun

It’s the time of year when the sky turns grey, gets deeply depressed and cries its eyes out, drenching us with tears.

No better time, I say, than to buck up our own spirits with bowls of steaming noodles. In the West End, Kintaro Ramen has been a magnet for noodle-seeking souls. But of late, they’re discovering that a block away on Denman, there’s a place called Motomachi Shokudo and people are vacuuming up big bowls of ramen there, too. (And as if that’s not enough, on nearby Robson, I noticed there’s another noodle shop about to open.)

Surprisingly, Motomachi is run by the same guy that runs Kintaro. It’s small like Kintaro but a little more than the plain box of a place. A large communal table sports a line of dried wheat cutting a swath down the middle length, kind of like a Mohawk cut. That way, strangers aren’t face-to-face as they slurp hot noodles and noses ceremoniously start to run — an inevitability. As a nice touch, you can slurp to the beat of jazz.

At Motomachi, the ramen has an organic chicken stock broth while Kintaro’s is pork-based, accounting for slightly higher prices at the latter. The ramen — which is further enhanced with vegetables, egg, meats — costs an average of $8 to $10.

Other differences — Motomachi has three kinds of ramen noodles. Kintaro has one. And Motomatchi serves one ramen dish where the broth is an unexpected grey and that’s due to the inclusion of a few pinches of charcoal powder, known to be good for digestion and toxic cleansing. (Hospitals, I believe, use charcoal powder to treat some forms of poisoning.)

Apparently, the charcoal-in-ramen concept is owner Daiji Matsubara’s own. He doesn’t speak English well so he’s not able to chat with reporters or customers unless they speak Japanese. Manager Tak Kawashima says the Japanese are aware of the cleansing effects of charcoal and customers are interested and want to give it a try.

“It’s pretty subtle and you won’t see quick results,” he says. “But if you keep eating, the body will change.” For the better, that is.

The next time you’re chilly and moist, try ramen therapy.

– – –

MOTOMACHI SHOKUDO

740 Denman St., 604-609-0310

Open for lunch and dinner

© The Vancouver Sun 2008

 

Discover new restaurants, great wine with Dine Out

Thursday, January 17th, 2008

It’s a great opportunity to try new trendy places, less expensive places and rediscover forgotten favourites

Joanne Sasvari
Sun

The best deal in town right now isn’t just the good — and cheap! — eats being offered through Dine Out Vancouver. It’s the fabulous wines that are paired with them.

“The great value of Dine Out Vancouver’s menus means that you can spend the money that you save on trying new wines that you might not usually try,” says Wendy Underwood, manager of travel media relations for Tourism Vancouver.

In case you somehow missed the news, the sixth annual Dine Out restaurant promotion organized by Tourism Vancouver kicked off Wednesday. This year, a phenomenal 182 restaurants are participating in the event, which continues until the last weary chef hangs up his toque on Feb. 3.

Thanks to Dine Out, what used to be the year’s slowest season has become its busiest.

It’s a great opportunity not only to try trendy new restaurants, but to discover smaller, less expensive places as well as forgotten faves.

There are three levels of prix fixe, three-course meals — $15 at casual joints like Rocky Mountain Flatbread Co.; $25 at mid-range trendsetters like So.Cial at Le Magasin; and $35 at high end eateries like Blue Water Café, Gastropod, Fuel and so on. Some restaurants — C is one of them — also offer even fancier $45 or $55 menus.

Dine Out is all about new discoveries, but that doesn’t always mean discovering new restaurants. La Terrazza and Raincity Grill, for instance, find that their regular customers show up for Dine Out just to splash out on the kinds of wines they might not usually be able to justify.

“Dine Out offers participants the opportunity to taste new wines that they not have been able to (a) find or (b) taste because they only wanted to try a glass,” says Lisa Cameron, communications manager for the British Columbia Wine Institute.

“It is a very good value in all the restaurants. It does offer you the opportunity to go, ‘The whole meal only cost $25 or $35,’ so it’s an opportunity to try a couple of great wines with the meal.”

While guests can use the savings to dig deep into the cellar for a pricy Bordeaux or extravagant Barolo, they can also explore some of the interesting wines B.C. has to offer. That’s because each restaurant also offers BC VQA wine pairings with each cours.

“If the restaurant has done its job and the sommelier has paired it really well, it makes both taste better,” Cameron says.

For instance, Yew Restaurant + Lounge at the Four Seasons has paired the light and lovely Le Vieux Pin Vaila rose with a delicate crab soup, while Metro is offering the beautifully bold Osoyoos Larose Gand Vin with its entrée of Nicola Valley Deer, Fraser Valley duck breast and certified Angus striploin.

You can order a single glass for, say, $15, or you can order an entire pairing list of three wines for only $35, which may be the best Dine Out deal of all. That way, you can sample a variety of B.C.’s best for less than you’d pay for a bottle of the cheapest plonk on any list anywhere.

“It shows you the kind of culture we have on the West Coast,” Cameron says. “It shows you how much we appreciate local food and that means local wine, too.”

– – –

DINE OUT VANCOUVER

To view the entire list of participating restaurants, visit the Tourism Vancouver website at www.tourismvancouver.com. Reservations are essential throughout Dine Out, and most restaurants will take reservations online through Open Table, also accessible through the Tourism Vancouver website.

© The Vancouver Sun 2008

 

Korean feast is family effort

Thursday, January 17th, 2008

Bada E-Yagi uses family recipes for everything from its homemade, barrel-cured spiced crab to the sauces for its robata main dishes

Stephanie Yuen
Sun

Bada E-Yagi owner Sang Yeol Sohn holds hwang tae jim ‘healthy food dish,’ of naturally dried pollock with the house’s special seasoning. Photograph by : Ian Smith, Vancouver Sun

Most Korean restaurants in Metro Vancouver serve cook-your-own tabletop barbeque meals. So, when I found out that Bada E-Yagi Korean Restaurant in Burnaby focuses on home-style Korean dishes, I had to check it out.

On a cold and wet Sunday evening it took us some effort to locate the place because it doesn’t have any eye-catching lighting or dominant signs. Normally, exterior conditions like this would have turned me off but since we were meeting two other friends there, we went in, and were glad we did.

Everything in the restaurant indicated a family operation: simple design and setting; untrained floor service. Under the supervision of owner Sang Yeol Sohn, the daughter waited tables while his wife cooked in the kitchen. At this point, those Korean customers occupying most of the tables were inevitably a reassuring sight.

Any doubt about the quality of the cooking slipped away when we tasted the side plates of kelp, bean sprouts, daikon cubes, julienne seaweed and, of course, kimchi. Unlike the generic cold appetizers found in other Korean restaurants, Bada uses their own family recipes with special attention to detail.

We had became quite comfortable by the time our first order arrived: pork chop soup with assorted vegetables and special spicy sauce, served hot-pot style on a butane stove.

I had no idea that Koreans were so big on soups: beef bone soup; pollack soup; goat meat soup; pork chop soup and noodle soups — they were all available at Bada.

“These are all homemade with hearty ingredients,” said Sang. “They are very good for cold days. Koreans eat them all the time; they keep you warm and make you strong.”

Koreans also enjoy cold, marinated, raw seafood, like the blue crab soaked in Korean chili and spicy sauce we had as our second appetizer. Sang told us, “We use wooden barrels to marinate these and store them in a cold corner, same way we make kimchi.”

I enjoyed the whole saba (mackerel) grilled to a golden brown and skin-crisp on a robata (hot-plate). This boned fish was marinated before landing on the cast-iron hotplate and came sizzling with distinct flavour.

From the robata section of the menu, we also ordered the stir-fried squid and vegetables, and the BBQ Combo B, which consisted of beef, pork and short ribs. Two robata plates, two different tastes and condiments: the squid and vegetables were tangy-spiced while the combo meats were teriyaki-seasoned. Both were equally satisfying.

The next course, the stir-fried seasoned potato noodles with beef and vegetables, silenced the group for a moment with its unique texture and mega flavour. The noodles were so fine and delicate that it was hard to relate them to potatoes.

“It takes a long time to make the noodles,” said Sang, who was obviously proud of his wife’s culinary skill. “You can use different sauces or put it in soup.”

My favourite of the evening was an omelet-like pancake made with seafood and served on a hotplate. This unassuming dish was partly tender, partly chewy and had that enticing sensation that kept me going for more. And because of the hotplate, the temperature and aroma lasted until it was all gone.

– – –

BADA E-YAGI KOREAN RESTAURANT

6408 Kingsway, Burnaby

604-432-9342

Open daily for lunch and dinner

Price: $

© The Vancouver Sun 2008

 

Pinkys a new destination for steak lovers

Thursday, January 17th, 2008

The Yaletown steakhouse and cocktail lounge joins two newcomers — the steaks are great but sides need more attention

Mia Stainsby
Sun

The Prawn Cocktail from Pinky’s Steak House

My husband made a surprising comment at The Shore Club, the upscale steakhouse on Granville Street earlier this year. “If I won the lottery,” he said, “I’d bring all my guy friends here.”

He’s a sophisticated diner, capable of explaining, or at least guessing at, the meanings of duxelles, demi-glace or dacquoise. With money to burn, he’d bee-line to a steak house? I guess there’s no denying steak houses are a guy thing because I wouldn’t dream of taking my gal friends for steak with his winnings.

Pinkys is the latest steakhouse to open, joining two other newcomers, The Shore Club and Players; Pinkys has the lowest price point of the three. A girly name like Pinkys is perhaps best suited to sell cupcakes or bras but it’s like a welcome mat to the tree fort. The press material says the name was inspired by a 1960s steakhouse in Scottsdale, Ariz. called Pink Pony.

Inside, seating includes four pink chairs amid the dark-hued tufted leather banquettes and dark chairs; bauble-like light fixtures and gigantic red faux flowers add sparkle and country music intersperses with Madeleine Peyroux and Billy Joel. Across the back wall, “rock star” is writ in lights.

Owner Scott Morison was one of the original partners of Cactus Club before he sold his shares and started up several Brown’s restaurants, devising a business model where managers could buy in. Pinkys will go the same route.

Getting right to the heart of the menu, the Sterling Silver steaks are very good. But like every steakhouse I know, that’s where the “very good” stops. The non-steak dishes and side dishes were middling to mediocre. A chef or sous chef stands at the pass from the kitchen, doing a quality control check, but it seems it should begin at a much earlier stage.

The first meal started off badly, with my husband biting into bread that grew a long piece of hair. So much for the bread.

Coconut-crusted prawns were overcooked and I had a hard time tasting coconut; bacon-wrapped

halibut with lemongrass dip arrived smelling fishy, and the thick piece was raw in the centre; the lemongrass dip was far too tart and tasted of vinegar; the dish was served with tomato linguine, a starch option that comes with all of the steaks. And that is plain lazy.

Grilled pork chop with apricot chutney and scalloped potatoes featured a nice chop, thick and juicy, but the plate was a composition in brown and beige, the scalloped potatoes limp and unappetizing. A crab cake appy had a mushy texture; but a warm spinach salad was fine and nicely flavoured with apple cider vinaigrette and an appy-sized baby back rib with barbecue sauce was tasty.

The finely marbled steaks were the stars in an otherwise bleak landscape. We tried the 12-ounce organic rib-eye ($36) and a 10-ounce New York ($29) and they’re juicy and very tasty. But the kitchen screwed up their best asset — I asked for medium-rare and got rare.

“Straight-up” steaks come with a choice of tomato linguini, fettuccini alfredo or mashed, scalloped, baked potatoes or fries. The “Ultimate Dinner Specials” come with a Caesar salad, choice of tomato linguini or fettuccini Alfredo and chocolate ice cream.

Sauces for the steak are sold separately, as are side vegetables. (Szechuan beans were good; seasonal vegetables were pedestrian.)

On the dessert front, I liked the deconstructed black forest cake and a tall, airy cheesecake looked luscious but needed some tang to distinguish it from whipped cream.

Wines include some high-end selections as well as a reserve list. By the glass, you can order six- or nine-ounce pours, which is a great option. Servers on both occasions were very good; one whose nametag said “Greg” was particularly good-natured and right on task.

And if the meat is all that matters, Pinkys won’t disappoint.

– – –

PINKYS STEAKHOUSE AND COCKTAIL LOUNGE

Overall: 2 1/2

Food: 2 1/2

Ambience: 3 1/2

Service: 3 1/2

Price: $$$

1265 Hamilton St.

604-637-3135

www.pinkysteakhouse.com

Open daily for dinner.

Lunch, Friday only.

Restaurant visits are conducted anonymously and interviews are done by phone. Restaurants are rated out of five stars.

 

© The Vancouver Sun 2008