Archive for February, 2008

Downtown condo sales continue to track higher

Friday, February 1st, 2008

Other

CONDO HEAVEN: More than 2,000 new condominiums sold in downtown Vancouver last year and a similar level is expected in 2008, according to new survey MPC Intelligence Inc. Photo: Real Estate Weekly

The downtown core of Vancouver will continue to see robust condominium sales into 2008, but there is a clear trend away from investors to owner-occupiers, a leading analyst says. “Throughout the Greater Vancouver, end-users have replaced the speculative investors as the primary [new condo] purchaser,” said Jennifer Podmore, managing partner of MPC Intelligence. In a recent survey report Podmore said that, last year, 17,914 new homes were purchased across Greater Vancouver, and 13,600 of these were strata-tile units. As of the end of 2007, there was an estimated 5,520 new condominiums available for sale, or about 19 per cent of the newly completed inventory. The downtown market saw 2,055 condo sales last year, representing 11.5 per cent of the new home market. The City of Vancouver saw 3,500 condo sales, with nearly 60 per cent of these high-rise units. Podmore thinks 2008 new condo sales with track close to 2007, because of B.C.’s “strong economic fundamentals”. Meanwhile, the vacancy rate for condos that are rented out in Vancouver is a mere 0.2 per cent, according to Canada Mortgage and Housing Corp. who estimates there are only about 160 condos vacant, despite the high number of completions.

Cabo offers wonderful array of water sports

Friday, February 1st, 2008

Judi Lees
Van. Courier

Along the Cabo San Lucas coast en route to El Arco, kayakers explore a natural archway that separates the Sea of Cortez from the Pacific Ocean. Photograph by : Photo-Judi Lees/Meridian Writer’s Group

CABO SAN LUCAS, MexicoCabo San Lucas just about has it all when it comes to sun-filled holiday destinations. Perched on a narrow isthmus at the southern edge of Mexico‘s Baja California peninsula, Cabo is a jumble of resorts that, on the east side, face the brilliant blue Sea of Cortez and, to the west, the Pacific Ocean. In between is the town, burgeoning with tourist shops, restaurants and bars.

Some of us, when we’ve lazed sufficiently on the beach or done all the shopping and dining, start to twitch. It’s time to move our bodies. And here, as in those other categories, Cabo doesn’t stint. There are plenty of activities to get the blood pumping, including parasailing, surfing, diving, snorkelling and kayaking. Since getting into the Baja’s warm, clear water is always appealling, I chose to snorkel and kayak. It’s a bonus if you see whales or dolphins.

With two guides from Baja Wild, a Cabo-based ecotourism company, our group of 11 departed from busy town harbour. This was hardly a pristine wilderness paddle as we cruised among fishing boats, extravagant pleasure yachts, glass-bottomed taxis and lighters that ferried passengers into town from the two huge ships anchored in the bay. (If you can avoid the days when the cruise ships are in port, do it.)

Our guides, Edgar, the comedian, and Juan Carlos, the strong, silent type, led us close to the shoreline of rusty granite boulders. I was pleasantly surprised when we caught a good view of an osprey perched nearby and had chances to take photos of huge-beaked pelicans.

Another surprise was the snorkelling. We stopped on a rocky outcrop–not an easy place to disembark, but the guides did all the work–to have a dip. Through the clear turquoise waters we gazed upon a parade of marine life that included dazzling angel fish, cute damsel fish and the unusual trumpet fish, which looks like a stick.

Back in the kayak, Cabo’s piece de resistance was just around the corner: El Arco. At the southern tip of the peninsula this natural archway framed the Pacific Ocean as we bobbed towards it from the Sea of Cortez. Since the arch is a protected site you can’t paddle through it. But as we swept past the guides instructed us how to play in the waves at Land’s End and everyone whooped it up. Edgar pointed out where the 1968 movie Planet of the Apes was filmed and, much more recently (2004), Troy, with Brad Pitt. (I can easily visualize Pitt at one of the many party bars in Cabo.)

On our return trip we stopped at Playa del Amor. This golden-sand beach stretches across the peninsula, letting you dip your toes in two oceans while admiring the silky-smooth rock formations. It’s special enough that it warrants another visit–at the end of the day, when the cruise ships have departed and happy hour has lured the crowds back to the plentiful Cabo San Lucas bars.

For more information on Mexico go to the Mexico Tourism Board website at www.visitmexico.com.

For information on kayaking trips offered by Baja Wild visit its website at www.bajawild.com.

Judi Lees is a member of the Meridian Writers’ Group.

© Vancouver Courier 2008

 

Market expert predicts Cambie Capers closure

Friday, February 1st, 2008

Glut of grocery stores prompt dire prediction

Sandra Thomas
Van. Courier

According to Dig360’s David Ian Gray, the Capers outlet on Cambie and 16th could shut down. Photograph by : Photo-Dan Toulgoet

A local retail marketing specialist doubts the new Capers Community Market will remain on Cambie Street for long, despite denials about closures from its corporate head office.

Last August Whole Foods Markets bought Wild Oats Market Inc., the corporate head office for Capers, for $565 million US and the assumption of debt. Two months later, Whole Foods closed the 22-year-old flagship Capers store on Marine Drive in West Vancouver, citing limited parking and poor traffic access. In July 2006 a new 20,000-square-foot Capers opened on Cambie Street at West 16th Avenue. But now a 51,000-square-foot Whole Foods Market is under construction just blocks away at the corner of Cambie Street and Broadway. For months residents and some Capers workers have speculated about the future of the store.

A Vancouver-based publicist for Whole Foods denies the Cambie Capers is at risk.

the Cambie store,” said Danielle Jang in an email to the Courier. “It’s a very strong store, and the company doesn’t see any reason why both stores can’t operate in the neighbourhood.”

David Ian Gray, owner of Dig360, suspects there’s more to the story. Dig360, formerly known as Sixth Line Solutions, is a marketing research and information consulting company operating in Vancouver since 1994. “My guess is they probably have a pretty committed lease,” said Gray. “And that probably comes with a fair penalty to get out of that lease. My feeling is they’re waiting a while and trying to figure out an exit strategy.”

Gray said Whole Foods differs from Capers in that it’s slightly more up-market, similar to the Urban Fare gourmet foods chain. He said Capers and Whole Foods are very similar in that they both specialize is organic products and promote healthy lifestyles.

Gray notes the area around Cambie and Broadway will soon be saturated with grocery stores. Besides the Capers store on Cambie at 16th, a Choices Market on Cambie at 18th and the Safeway store in City Square at Cambie and West 12th, a Whole Foods Market is under construction at Cambie and Broadway. A Save-On Foods store is also under construction on Cambie near the Whole Foods location.

“I realize Safeway and Save-On aren’t organic stores, but people just aren’t that compartmentalized,” he said. “They often shop for convenience.”

He notes while residential development is taking place in the neighbourhood, it doesn’t compare to the number of towers popping up in Coal Harbour and Yaletown.

But Gray said the exact fate of Capers is hard to predict. When Best Buy bought out the Future Shop chain in Canada in 2001, it planned to convert or close the Future Shop stores.

“But the Canadian people convinced them the stores were sufficiently different, that there was a market for both,” said Gray. “You never know. If they do their homework and offer distinct products, it might work and they may be able to continue to profitably run both. But that’s a lot of grocery in one area.”

© Vancouver Courier 2008

 

Council to rule early on towers beside B.C. Place

Friday, February 1st, 2008

Christina Montgomery
Province

Vancouver City Council has agreed to fast-track a ruling on what can be built on the parking lots around B.C. Place — information the stadium says it needs to plan the budget for fixing the stadium’s domed roof.

PavCo, the Crown corporation that manages the False Creek facility, says it wants to keep the stadium open for at least another 30 years.

It also wants to know how much of the land can be built on, which would help it estimate how much it can make from developers of towers on the land — money that would help foot the bill for refurbishing the 25-year-old stadium.

The towers are expected to contain a mix of residential and commercial space.

The request posed a dilemma for the city, which already has a planning process under way for the area around the stadium.

Yesterday, council agreed to make up its mind about the stadium land, moving the issue four months ahead of a decision that was to have been made in October.

Three other major developers interested in building on properties in the area will have to wait for a decision on their properties’ potential.

PavCo chief David Podmore told council an early decision would help him present a detailed budget to the provincial cabinet on an overall plan to repair the facility, which will host opening and closing ceremonies for the 2010 Olympic Games.

Repairs to the inflatable roof, which ripped open last year, are expected to be done before the Games begin.

Plans call for better concession stands, washrooms and an outdoor plaza, which may host a new home for the B.C. Sports Hall of Fame.

© The Vancouver Province 2008

Microsoft bids $44.6B for flailing Internet portal Yahoo

Friday, February 1st, 2008

Byron Acohido
USA Today

A Times Square news ticker flashes a headline about Microsoft above a billboard for Yahoo.

REDMOND, Wash. Microsoft  Friday made an unsolicited takeover offer of $44.6 billion for Internet portal Yahoo in a bold bid to leapfrog Google  as the dominant player in the fast emerging Internet advertising market.

Yahoo’s senior executives and board of directors played coy, issuing a statement that the company will “carefully and promptly” study Microsoft’s bid.

“We’ve made a great offer to Yahoo shareholders and we respect the fact that their management and board have a lot to consider,” said Kevin Johnson, Microsoft’s president of platform and services, in an interview. “Our strong preference is working collaboratively with Yahoo.”

Microsoft’s offer of $31 a share for Yahoo stock — a 62% premium to Yahoo’s closing stock price Thursday — should get the attention of disgruntled Yahoo shareholders. Yahoo’s share price dropped to a four-year low earlier this week, and a new management team has not said much publicly about how they intend to compete against Microsoft and Google through 2008.

The announcement sent Yahoo’s share price surging, while Google’s fell sharply; Microsoft shares slipped.

“Microsoft’s MSN properties and Yahoo are very similar, and Yahoo makes wide use of Microsoft technology, so the merger technically shouldn’t be that difficult,” says tech analyst Rob Enderle, of the Enderle Group. The merger could make the combined companies “a force to be reckoned with and prevent Google for obtaining nearly unlimited monopoly power,” he says.

In a letter to Yahoo’s board of directors, Microsoft Chief Executive Steve Ballmer revealed that Yahoo had rebuffed a previous overture a year ago, saying it had a turnaround in the works. But he pointedly noted that Yahoo’s situation since then has deteriorated significantly.

“A year has gone by, and the competitive situation has not improved,” Ballmer said.

Microsoft’s previous offer was rebuffed by Terry Semel, who stepped aside last year as chief executive under pressure from shareholders.

Microsoft sent its latest takeover offer to Yahoo late Thursday, shortly after Semel resigned as the company’s chairman. The letter is addressed to Semel’s successors, Chairman Roy Bostock and the current CEO, co-founder Jerry Yang, who is also one of Yahoo’s largest shareholders.

“Microsoft’s consistent belief has been that the combination of Microsoft and Yahoo! clearly represents the best way to deliver maximum value to our respective share holders, as well as create a more efficient and competitive company that would provide greater value and service to our customers,” Ballmer wrote.

Under terms of the proposed deal, Yahoo shareholders could choose to receive cash or Microsoft common shares, with the total purchase consisting of 50% each cash and stock.

Microsoft said it sees at least $1 billion in cost savings generated by the merger, and it intends to offer significant retention packages to Yahoo engineers, key leaders and employees. The software giant says it believes the takeover would receive regulatory clearance and close in the second half of this year.

The Justice Department responded to the proposed deal, saying it is “interested” in reviewing antitrust issues associated with such a merger.

If the deal goes through, analysts expect scrutiny from Congress, Justice and other enforcement agencies, but they say any concerns about search engine or online advertising market power may not be significant enough to stop the transaction.

Sen. Herb Kohl, D-Wis., chairman of the Senate antitrust subcommittee, said the same issues that prompted lawmakers to review the Google-DoubleClick deal exist in a potential Microsoft-Yahoo combination, including examining how it affects consumers, advertisers and businesses “who increasingly use the Internet for their news, commerce and entertainment.”

If Yahoo accepts Microsoft’s offer, the subcommittee expects to hold hearings to “explore the competitive and privacy implications of the deal,” Kohl said.

 

Microsoft bids $44.6 billion for Yahoo

Friday, February 1st, 2008

Sun

Software giant Microsoft has made an an unsolicited $44.6 billion US bid for Internet media company Yahoo! Inc

OTTAWA – Software giant Microsoft has made an an unsolicited $44.6 billion US bid for Internet media company Yahoo! Inc.

Microsoft, the world’s biggest software maker, offered $31 US a share in cash or stock for Yahoo!, a 62 per cent premium over the stock’s closing price Thursday.

“We have great respect for Yahoo!, and together we can offer an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market,” said Steve Ballmer, chief executive officer of Microsoft.

“We believe our combination will deliver superior value to our respective shareholders and better choice and innovation to our customers and industry partners.”

The online advertising market is expected to double from $40 billion in 2007 to $80 billion by 2010, Microsoft said in announcing the offer.

It said the resulting benefits of scale, along with the associated capital costs for advertising platform providers, make this a time of industry consolidation and convergence.

Although the market is dominated by Google, Microsoft said the combined companies can offer a competitive choice.

© Canwest News Service 2008