Archive for February, 2008

Home sales fall in 45 states in Q4; prices tumble

Thursday, February 14th, 2008

Alan Zibel
USA Today

A sign advertises a home for sale is shown in San Carlos, Calif.

WASHINGTON — Sales of existing homes fell in 45 states during the October-December quarter, with the price of an existing single-family home in 150 metro areas falling a record 5.8% in the fourth quarter from the same period in 2006, a real estate trade group said Thursday.

The fourth-quarter data from the National Association of Realtors underscore the breadth of the housing market’s slump.

South Dakota was the lone state to show a sales increase. Existing home sales there rose 8.9% from the same quarter a year ago. Sales were unchanged in North Dakota. No sales figures were available for Idaho, Indiana and New Hampshire. Sales also fell in Washington, D.C.

The quarterly survey of metro region prices showed that prices fell in all regions, with homes in the West tumbling 8.7% and prices in the South off 5.4%.

The median existing single-family home price was down 5.8% to $206,200 in the fourth quarter of last year compared to $219,000 during that same period in 2006.

Median home prices fell in more than half of the 150 metropolitan areas surveyed. Out of the 77 that experienced declines, 16 showed double-digit percentage drops, the trade group said. The largest price declines were found in Lansing, Mich., Sacramento, Jackson, Miss. and Riverside, Calif., which posted price declines of 17 to 19%.

Lawrence Yun, the trade group’s chief economist, attributed the declines in median prices to mortgage market problems that mushroomed last fall, making loans more expensive for borrowers looking to take out “jumbo” mortgages larger than $417,000, the maximum size of mortgages that government-sponsored mortgage companies Fannie Mae and Freddie Mac can purchase and market as securities

“The continuing crunch in the jumbo loan market that began in August has disproportionately reduced the number of transactions in higher price ranges,” Yun said in a statement.

Nationwide, existing homes sold at an annual rate of 4.96 million units in the fourth quarter, down 21% from the sales pace of the fourth quarter in 2006, the Realtors group said.

The states suffering the biggest drop in sales in the third quarter were Nevada, down 44% and Wyoming, down 42%. Other states with big declines were New Mexico, down 39%, Oregon, down 38% and Arizona, down 37.6%.

Mortgage lenders, would-be home buyers and Wall Street investors alike have been grappling over the past year with the impact of rising defaults, the result of lax lending standards that were prevalent during this decade’s housing boom. As defaults have risen, lenders have grown more cautious, which has allowed fewer buyers to qualify for home loans.

Sales in the fourth quarter fell in 45 states.

State

Sales (in the thousands)

% change

Q4 2006

Q4 2007

ALABAMA

119.2

102.0

-14.4%

ALASKA

27.2

25.2

-7.4%

ARIZONA

129.2

80.8

-37.5%

ARKANSAS

80.4

76.0

-5.5%

CALIFORNIA

434.8

305.2

-29.8%

COLORADO

112.4

109.2

-2.8%

CONNECTICUT

66.0

51.6

-21.8%

DELAWARE

16.4

13.2

-19.5%

District of Columbia

8.4

8.0

-4.8%

FLORIDA

337.6

239.6

-29.0%

GEORGIA

243.6

185.6

-23.8%

HAWAII

27.2

23.2

-14.7%

IDAHO

N/A

39.5

N/A

ILLINOIS

266.8

212.0

-20.5%

INDIANA

N/A

131.6

N/A

IOWA

70.8

58.8

-16.9%

KANSAS

73.6

66.8

-9.2%

KENTUCKY

98.8

84.8

-14.2%

LOUISIANA

85.2

65.6

-23.0%

MAINE

27.2

22.4

-17.6%

MARYLAND

101.6

67.6

-33.5%

MASSACHUSETTS

120.8

108.4

-10.3%

MICHIGAN

180.0

175.2

-2.7%

MINNESOTA

104.0

87.6

-15.8%

MISSISSIPPI

63.2

58.0

-8.2%

MISSOURI

126.8

106.0

-16.4%

MONTANA

24.8

21.2

-14.5%

NEBRASKA

36.4

30.0

-17.6%

NEVADA

61.6

34.4

-44.2%

NEW HAMPSHIRE

N/A

N/A

N/A

NEW JERSEY

141.3

128.4

-9.1%

NEW MEXICO

54.8

33.6

-38.7%

NEW YORK

302.0

275.6

-8.7%

NORTH CAROLINA

225.6

185.6

-17.7%

NORTH DAKOTA

14.4

14.4

Unch

OHIO

260.4

234.0

-10.1%

OKLAHOMA

103.2

96.8

-6.2%

OREGON

84.4

52.0

-38.4%

PENNSYLVANIA

228.8

198.0

-13.5%

RHODE ISLAND

16.0

13.2

-17.5%

SOUTH CAROLINA

102.4

88.0

-14.1%

SOUTH DAKOTA

18.0

19.6

8.9%

TENNESSEE

160.4

137.2

-14.5%

TEXAS

572.8

514.4

-10.2%

UTAH

52.0

34.4

-33.8%

VERMONT

14.8

12.8

-13.5%

VIRGINIA

125.6

100.4

-20.1%

WASHINGTON

137.2

115.2

-16.0%

WEST VIRGINIA

29.2

27.2

-6.8%

WISCONSIN

114.0

95.6

-16.1%

WYOMING

13.2

7.6

-42.4%

Source: National Association of Realtors

 

Priest pinches perogies for church

Thursday, February 14th, 2008

A line snaking down the block is testament to the tasty meals

Mia Stainsby
Sun

Ukrainian dinner at the Holy Trinity Ukrainian Orthodox Church is served on the first Friday of each month. Rev. Father Roman Tsaplan (right) — with his family — says it’s an important fundraiser for the church. Photograph by : Steve Bosch, Vancouver Sun

It might seem bizarre for an orthodox priest (Ukrainian) to be talking about pinching perogies for the glory of god, but Father Roman Tsaplan is not someone you’d call flakey.

Tsaplan is referring to the hugely successful Ukrainian dinner the church hosts on the first Friday of each month. It’s an important fundraiser. “We don’t have a tithe,” he explains. “Without perogies it would be difficult to run the church.”

So twice a month, if he hasn’t other commitments, he sits down with the “ladies” to pinch perogies for the dinner. And they’ve got a lot of pinching to do, considering there are lineups out the door, especially in cold weather as perogies (or vareniky), sauerkraut (kapusta), cabbage rolls (holubsti) and Ukrainian sausage (kolbasa) is bracing cold-weather food. When he has time, Tsaplan helps the ladies make cabbage rolls, too.

I’d call it one of the secrets of our city, but judging by the lineups, the once-a-month Ukrainian dinners are no secret. The success is partly because of the $11 price tag for a meal of six perogies, two cabbage rolls, sauerkraut, sausage and beverage; for a real she-woman platter with bigger servings, make that $14.

If you get in a line-up to the right of the long one snaking, sometimes, down to Main Street it leads to the take-out order window where you’ll get to food much quicker and with even less expense ($4 for a dozen perogies; $6 for a dozen vegetarian cabbage rolls or $8 for meat cabbage rolls; $7 for a ring of sausage).

But part of the fun is in joining the multitudes (all 200 seats are filled) in the church hall with Ukrainian music in the background and feeling like an old-fashioned community, convening over a simple supper with perogies made by ladies and a priest.

“Quite often they won’t take my money at the cashier but my wife says ‘No! We have to pay like everyone else!,‘” he says.

Tsaplan came from Kamloops where he also pinched perogies with the ladies — only differently. “They bend the corners when they pinch them,” he says. “That was Kamloops ladies’ style. I said to my parish, this is the way and they didn’t say anything so I thought I better learn Vancouver style.”

Still, if you’re eating cabbage rolls and the ends aren’t tucked in, you’ll know it was Father Tsaplan who rolled it. “I like to have tomato paste circulate all over. I don’t close both sides for a simple reason. It is like Ukrainian sushi.”

– – –

HOLY TRINITY UKRAINIAN ORTHODOX CATHEDRAL

154 East 10th Ave., 604-876-4747. www.uocvancouver.com. Ukrainian dinner, first Friday of every month.

© The Vancouver Sun 2008

 

Posh puts sukiyaki back on the dining table

Thursday, February 14th, 2008

Organic and local foods are used as much as possible at all locations but the clincher is the price — $13.88 for all you can eat

Mia Stainsby
Sun

Diners cooking their meal at their table at Posh on West Broadway. Photograph by : Steve Bosch, Vancouver Sun

Sukiyaki is like the William Shatner of food. It almost disappeared off the radar and now it’s trying for a comeback career, at least in the Lower Mainland.

Peter Leung, a marketing guy, and Tony Kuo, a restaurateur, are betting on it to the tune of some seven restaurants specializing in just this one Japanese dish. They’ll all be called Posh — three are up and running and another four will open in the next year, including one on the North Shore and another in Coquitlam.

The two men combine skill sets — Leung’s marketing saavy and Kuo’s experience in offering good-value Asian food. Kuo operates the mod and popular Vogue restaurant in Richmond. Posh, too, is in a modern setting and servers, from the way I saw it, have been told to make nice with customers. The clincher, though, is the really great deal — it’s all-you-can-eat sukiyaki for $13.88. Posh uses organic and local foods as much as possible. And there’s nothing else to order, even if you wanted to. (They will be adding miso soup, a starter and dessert in the future.)

It’s not exactly the sukiyaki of yore you might have watched sizzle before you in a tatami room on Powell Street back in the 1970s, where broth, noodles, paper-thin beef and veggies were nestled in an iron pan, and cooked in front of you.

That was Tokyo-style sukiyaki. Over Osaka way, they add the broth and ingredients at the table and that’s the Posh way, too. The pot is deeper and more hotpot like.

I can’t say this style offers a neat-freak approach to eating. By meal’s end, our table was strewn with the flotsam and jetsam of our meal as it voyaged from raw plate to cooking pan to dinner plate to a dip to the mouth.

The pan starts off with a handful of shredded Chinese cabbage (for its sweetness) but beyond that you check off your choice of ingredients from a list of some 27 items. Do, do, do include meat (beef or pork). It will add much flavour to the broth, which is diluted sweetened soy. Leung says the sweetener isn’t sugar (the Japanese use sugar and mirin) and will only say the sweetness is from organic fruit.

The broth comes in two teapots, one with a concentrated broth and another with water to dilute. Diners also get a raw pasteurized egg. Stop yourself from adding it to the sukiyaki because you break it into a bowl, mix it up and dip the cooked sukiyaki into it before eating.

Items on the order sheet include Asian veggies, shiitake and button mushrooms, bean curd, onions, pumpkin, rice cake, taro, yam, konnyaku (a potato-like veg) vermicelli, bean sprouts, spinach and tomato. (The broth gets tastier and tastier as the meal progresses.) The konnyaku contains a lot of calcium, which can toughen meat, so I’ve heard it’s advisable to separate it from the meat. You can also order udon noodles to join the sukiyaki pan and it’s a good idea to leave that to the end to soak up the liquid.

The first Posh opened in Richmond about a year ago. The West Broadway location opened in November and Burnaby opened just last week. The rooms are graphically bold with red booths and black faux marble table tops. A private area includes karaoke, music videos and a private server. Servers are young and English-speaking.

Posh is named for its swank connotation and not for the Spice Girl. It’s an acronym for “port out, starboard home” indicating the best rooms in ships sailing from England to India (the best views were on port side departing from England and on starboard, returning). In Chinese, it has the same kind of meaning, Leung says.

And speaking of meanings, sukiyaki means “to like” and “grill” in Japanese. At one time in the Osaka region, the meat was grilled first, then put into the broth. In other words, sukiyaki is an etymological relic.

– – –

POSH

Overall: 3

Food: 3

Ambience: 3

Service: 3 1/2

Price: $

1788 West Broadway, 604-737-7674; 1123 — 3779 Sexsmith Rd., Richmond, 604-303-7674; 105 — 6462 Kingsway, Burnaby, 604-434-7674. All are open for lunch and dinner, 7 days a week.

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

© The Vancouver Sun 2008

 

Buying a Home – Protect yourself with a team of real estate professionals.

Thursday, February 14th, 2008

Sun

Buying a home is one of the biggest decisions you’ll ever make. So when it comes time to signing on the dotted line, make sure you don’t make that decision alone.

To help you put together the right team of professionals, Canada Mortgage and Housing Corporation (CMHC) offers the following whose-who list of experts and what they should bring to the table:

Real estate agent. Among other services, your real estate agent will help you find a home, write an Offer of Purchase, negotiate a purchase on your behalf and save you a considerable amount of time, trouble and headaches. When choosing the agent you want to work with, don’t be afraid to ask questions or call your local real estate association for advice.

Lender or mortgage broker. Many different institutions lend money for mortgages, including banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. It can be a good idea to shop around and speak with more than one lender before you make a choice. Many Canadians choose to work with a mortgage broker because mortgage brokers don’t work for any specific lending institution, they can often help you find a mortgage with terms and rates that will suit your needs.

Lawyer (or notary in Quebec). A lawyer can help protect your legal interests by ensuring the property is clear of liens, charges or clean-up orders and will review all contracts before you sign them and your Offer (or Agreement) to Purchase. Make sure your lawyer or notary is a licensed, full-time professional who understands the local laws and regulations, has reasonable fees and can explain things to you in plain language.

Home inspector. When considering purchasing a home, you should hire a knowledgeable and professional home inspector. He or she will be able to tell you if something in the home is not functioning properly, what repairs need to be done and whether there may have been any problems in the past.

Insurance broker. An insurance broker will help you with property and mortgage life insurance. Your lender can also help you with mortgage life insurance.

Appraiser. An appraiser will assess your property’s worth and help protect you from paying too much.

Land surveyor. You may need the services of a land surveyor if the seller does not have a current Survey or Certificate of Location.

For more information on putting together your homebuying team and on other factors associated with buying a home, visit www.cmhc.ca, and search Homebuying Step by Step or call CMHC at 1-800-668-2642.

For more than 60 years, CMHC has been Canada‘s national housing agency and a source of objective, reliable housing expertise.

© The Vancouver Sun 2008

High-tech fabric can generate electricity

Thursday, February 14th, 2008

Microfibre produces enough power to run cellphone

Sun

Zhong Lin Wang of the Georgia Institute of Technology holds up a microfibre nanogenerator. Photograph by : Gary Meek, Reuters

CHICAGO U.S. scientists have developed a microfibre fabric that generates its own electricity, making enough current to recharge a cellphone or ensure that a small MP3 music player never runs out of power.

If made into a shirt, the fabric could harness power from its wearer simply walking around or even from a slight breeze, they reported Wednesday in the journal Nature.

“The fibre-based nanogenerator would be a simple and economical way to harvest energy from the physical movement,” Zhong Lin Wang of the Georgia Institute of Technology, who led the study, said in a statement.

The nanogenerator takes advantage of the semiconductive properties of zinc oxide nanowires — tiny wires 1,000 times smaller than the width of a human hair — embedded into the fabric. The wires are formed into pairs of microscopic brush-like structures, shaped like a baby-bottle brush.

One of the fibres in each pair is coated with gold and serves as an electrode. As the bristles brush together through body movement, the wires convert the mechanical motion into electricity.

“When a nanowire bends it has an electric effect,” Wang said in a telephone interview. “What the fabric does is it translates the mechanical movement of your body into electricity.”

His team made the nanogenerator by first coating fibres with a polymer, and then a layer of zinc oxide. They dunked this into a warm bath of reactive solution for 12 hours. This encouraged the wires to multiply, coating the fibres.

“They automatically grow on the surface of the fibre,” Wang said. “In principal, you could use any fibre that is conductive.”

They added another layer of polymer to prevent the zinc oxide from being scrubbed off. And they added an ultra-thin layer of gold to some fibres, which works as a conductor.

To ensure all that friction was not just generating static electricity, the researchers conducted several tests. The fibres produced current only when both the gold and the zinc oxide bristles brushed together.

So far, Wang said the researchers had demonstrated the principle and developed a small prototype.

“Our estimates show we can have up to 80 milliwatts per square metre of this fabric. This is enough to power a little iPod or charge a cellphone battery,” he said.

“What we’ve done is demonstrate the principle and the fundamental mechanism.”

Wang said the material could be used by hikers and soldiers in the field and also to power tiny sensors used in biomedicine or environmental monitoring.

One major hurdle remains: zinc oxide degrades when wet. Wang’s team is working on a process that would coat the fibres to protect the fabric in the laundry.

© The Vancouver Sun 2008

 

Riverview revamp grows in scope

Thursday, February 14th, 2008

Proposal calls for towers ringing new and old psychiatric facilities

Darah Hansen
Sun

The B.C. government is planning a multibillion-dollar development with dozens of residential towers on the historic Riverview lands in Coquitlam. Photograph by : Steve Bosch/Vancouver Sun Files

Photograph by : Bill Keay, Vancouver Sun Files

The B.C. government is planning a multibillion-dollar development with dozens of residential towers on the historic Riverview lands in Coquitlam, according to internal government documents obtained by The Vancouver Sun.

The resulting community — to be called the Coquitlam Commons — would include everything from facilities for the mentally ill to high-end market housing.

The concept calls for more than a dozen residential towers of 20 storeys or higher on the eastern part of the 98-hectare site, which has been home to the Riverview psychiatric hospital for more than a century.

At least 25 more “mid-range” towers are included in the proposals, more than half of which would rise to 15 storeys or higher.

The plans include at least 10 additional condominium and apartment buildings.

Riverview psychiatric facilities, both existing and new ones, would be scattered in the centre of the property.

The plan could generate billions of dollars in real estate deals, with millions potentially flowing to the province.

The documents offer the first detailed glimpse of what the province is considering for the site.

In the 1990s, the province started shuttering parts of Riverview, formerly B.C.’s major institution for the mentally ill. Newer specialized mental health centres are being developed in health authorities across B.C.

The Sun reported last summer that a large development was being planned for the property, prompting the government to admit in July it was looking to trade land to private developers in return for a share of the profits to bolster social housing supplies.

At that time, the proposal called for as many as 7,000 residences to be built. Since then, the plan appears to have increased in scale, and Coquitlam councillors suggested 10,000 or more residential units could be in the works.

Housing Minister Rich Coleman downplayed the draft documents on Wednesday, insisting any development of the site is “a long ways down the road.”

But he confirmed his office is planning to put a proposed site design out to tender to explore the “opportunities and options.”

He said the public could get a chance to weigh in on the issue “over the new few months.”

Right now, he said, “there is nothing designed for Riverview.”

The fact the government continues to plan for residential development at Riverview came as news to Coquitlam Mayor Maxine Wilson, whose council has vocally opposed any market development of the land.

The city is poised to give consideration to a resolution in support of maintaining Riverview as a haven for the mentally ill, as well as preserving its historic architecture and protecting one of the last major green spaces in the Vancouver region.

Wilson said Wednesday she expects to be supported by surrounding Metro municipalities.

“We all see it as the one place in the Lower Mainland that can house those with mental illness humanely, and allow for their reintegration into the community,” she said.

Wilson said her council has no intention of granting any rezoning of the hospital lands to allow for residential development, and is banking on previous assurances from Coleman that the government will not override Coquitlam’s wishes.

New Democrat MLA Diane Thorne (Coquitlam-Maillardville) said she’s heard the same promises, but doesn’t believe them.

“It’s a done deal, that’s what I’m afraid of,” she said.

Thorne said her concerns about the future of Riverview grew more urgent earlier this month when the government resurrected interest in pursuing a southeastern route for the proposed Evergreen rapid-transit line, with projected annual ridership figures of 33.3 million by 2031.

Those ridership numbers could only be achieved through heavy development of Riverview, said Thorne.

Coquitlam council favours a northeastern route chosen earlier by TransLink for the proposed line. It has projected ridership figures of 31.8 million by 2031.

Councillors openly questioned the province’s projections for the southeastern route at a meeting Monday.

“That’s basically Riverview being developed,” Coun. Fin Donnelly said of the southeastern route.

Coun. Lou Sekora said it could only mean the development of 10,000 or more housing units at Riverview, adding “I wouldn’t support that.”

Thorne said her heart sank again when Tuesday’s throne speech referred to plans to build a new facility to house mentally ill patients at the site of the former Willingdon youth detention centre in Burnaby.

She worried that could spell a future downsizing of psychiatric services at Riverview.

“There are just too many things happening here,” she said.

Health Minister George Abbott said the plans for Willingdon will add to the province’s existing mental health services.

The proposed 100-bed facility will specifically serve patients who suffer from both mental illness and drug and alcohol addictions.

© The Vancouver Sun 2008

 

A humane plan to reclaim the asylum

Thursday, February 14th, 2008

Miro Cernetig
Sun

Riverview mental hospital’s buildings are massive examples of faux-Victorian institutionalism that dominate the grounds. Photograph by : Steve Bosch, Vancouver Sun

A walk through the lush, rolling grounds of the Riverview psychiatric hospital is still an unsettling trip down memory lane, evoking a darker age in the care of the mentally ill.

It’s a welcome brush stroke of pastoral green in Metro Vancouver’s suburban sprawl, with large lawns and a world-renowned collection of temperate-climate trees known as the arboretum. On that level, it’s idyllic.

But the eye is inevitably drawn to the crumbling buildings, massive examples of faux-Victorian institutionalism that dominate the grounds.

They are dark and dank, full of asbestos and disturbing memories that bring to mind the hellish asylum in One Flew Over the Cuckoo’s Nest.

On a cold, grey day, I almost thought I glimpsed Nurse Ratched doing her rounds behind the iron-barred windows, clutching a ring of keys for doors leading into — but rarely out of — the asylum.

That’s the sort of image — one that was accurate not so long ago for how society dealt with the mentally ill — that nobody wants for the new Riverview.

We all want to treat the mentally ill with humanity and give them the hope the Victorian-era asylums smothered.

But in the age Nimbyism, when even small group homes often encounter the Not-In-My-Backyard reflex, it’s easier said than done to remake a massive old asylum. That’s why the provincial government is keeping the lid on what will be an entirely new approach to this social policy conundrum.

The idea the province has been quietly developing in private — plans have been circulating within the government — is modelled after what was done with an old asylum, similar to Riverview, in London, England.

Known today as Springfield Hospital, it initially opened in 1841 as the Surrey County Pauper Lunatic Asylum. The name said it all. Not unlike Riverview in its darkest years, it became notorious for the lock-them-in-and-throw-away-the-key philosophy to treating the mentally ill. Patients were in essence excluded from the rest of us. No wonder these buildings still seem to radiate bad karma.

But a heartening new approach was taken at Springfield. Why not bring the community into the asylum?

So the old Victorian buildings were redeveloped, a residential community of condos and apartments was built on — and around — the old asylum grounds. And the profits were used to build a modern psychiatric facility weaved into a real-world community. Patients’ neighbours will be more than just the dreaded Nurse Ratched.

“Historically, Springfield Hospital‘s purpose was to facilitate the exclusion of the mentally ill [from society], and that was defined very broadly,” Andrew Simpson, an official at the facility, has explained to The Journal of Addiction and Mental Health. “Now . . . we are historically reclaiming the asylum. We are quite deliberately building a new bit of London around the asylum, reversing the process of exclusion.”

It’s a marvelous and humane concept. Rich Coleman, the B.C. minister spearheading this project, deserves kudos for making the bold and progressive move to improve the lives of our most vulnerable. But there may be real questions of scale to deal with. Is the minister thinking too big?

The draft of the plans for Riverview obtained by The Vancouver Sun indicates Coleman is intent on a super-sized version of the Springfield model.

The heritage principles are there. There’s going to be complete preservation of the arboretum, and refits of many of the landmark buildings. But there’s also a multi-billion-dollar, multi-year building plan. There will be phalanxes of 20-plus-storey apartment towers, and dozens of smaller ones. My understanding is Coleman is even seeking higher density than on the draft obtained by The Sun, to maximize the taxpayers’ profit from the real-estate development.

What we’re talking about is something in the neighbourhood of 10,000 residences. That means 20,000 to 30,000 new residents for Coquitlam. Updated numbers floating around the government suggest about 2,000 of the residences would be for the mentally ill. They would live in the revamped institution, either as patients or benefitting from low-rise assisted-living lodges that would be scattered around the condos, a village square with retail store and even a school.

The government appears to be calling this Coquitlam Commons, a nice title that suggests the quaint British village model. But this, let’s face it, will virtually be a new town in the middle of what is now a sprawl of suburban homes. A new town, it should be added, with a sizeable part of British Columbia‘s mentally ill.

That will inevitably raise questions about security.

London‘s Springfield is justifiably hailed as a triumph, but there have been serious problems. Last year, the hospital was criticized for giving “too much liberty” to a patient who walked out of the ward and murdered a 50-year-old banker cycling in a park. In 2006, a fitness instructor was murdered by another of the hospital’s patients.

When it comes to marketing Riverview as a place to live, buyers are going to want assurances that won’t happen here.

There are also major urban planning issues. This massive makeover of Riverview raises the question of increased traffic congestion. Don’t be surprised if we see the creation of a SkyTrain stop in the new Riverview, once the new Evergreen commuter rail line gets built. I’ll bet that will be one of the deal-breaking demands of Coquitlam’s council if they embrace — or are forced by the province to accept — this plan.

In his old life, Coleman, B.C.’s minister in charge of social housing, used to work in the real estate business. As a cabinet minister, however, he’s now carving out deals on a scale he probably never imagined.

In fact, Coleman is probably only getting started. Riverview is probably just our first taste of how much this man might remake the urban landscape. What most people don’t know is that one of Coleman’s jobs is overseeing billions of dollars worth of provincial social-housing assets, many of them handed to the province by the federal government.

Once, when I asked him what he had planned for that property, he said two words: “More density.”

And that — along with the prospect of a cutting-edge psychiatric hospital — is what he’s aiming to deliver.

© The Vancouver Sun 2008

 

The devil’s fruit takes root

Thursday, February 14th, 2008

And there’s one hostess who went beyond the call of duty

Mark Laba
Province

Chef James Campbell (at right) and Christian Gaudreault, owner of the Tomato Fresh Food Cafe, with rigatoni with oven roast tomatoes, artichokes and chorizo sausage. Photograph by : Jon Murray, The Province

TOMATO FRESH FOOD CAFE

Where: 2486 Bayswater St.

Payment/reservations: Major credit cards, 604-874-6020 or 604-873-4697

Drinks: Fully licensed.

Hours: Open everyday 9am-10pm.

– – –

T his year I thought I would take Peaches out for an early Valentine’s Day romantic dinner, with our seven-month-old twins and four-year old toddler. After all, the twins look like fat little cherubic Cupids minus the wings and Small Fry Eli, well he can wreak havoc with a bow and arrow. Or restaurant cutlery.

At my age, with this many kids, the only heart I’m interested in is a Jarvik, preferably one that pumps martinis. But our destination had a big, bulbous bright-red 3D tomato for signage out front, which kind of resembles a heart if you’re the Jolly Green Giant.

Now some places claim to be kid-friendly and then there are those joints that will actually baby-sit your brood. With that attitude they could serve me possum bladders with milk gravy and I’d be happy. Fortunately the food is better fare than that here and the hostess went far and beyond the call of duty by wheeling the twins around in their double stroller while we ate dinner.

It’s a cavernous room that affords twin-stroller manoeuvring with booth-seating lining one section of the place, counterbalanced light and dark wood hues from walls to furniture and two large trees sprouting up through the concrete flooring.

So, if they ever have to replace a piece of panelling, they can do their own lumbering. The old location was charming and quaint, this place is vast and lounge-like with intimate pockets

Small Fry Eli had a cheese pizza ($4.95) off the kids’ menu and a classic chocolate milkshake. This kept him busy for about three minutes, which to Peaches and me, is just about enough time to wolf down our meal. We eat faster than a pack of hyenas on a water-buffalo carcass, wary that the lions will soon return. But with the twins being attended to, we had time to enjoy our food.

I tried the rigatoni with ground chorizo, oven-roasted tomatoes, eggplant, artichoke hearts, peppers and a fresh tomato sauce ($17). My only complaint is that I think the chorizo should be served in good-sized slices rather than ground to add some textural contrast.

Peaches sampled a special of the day — baby back ribs with a maple chipotle glaze, mashed ‘taters and a nice cabbage slaw ($27.95). Great glaze and tender meat that fell from the bone like pants at a proctologist’s office.

Prices seem rather high on the evening menu and I’ve always found the brunch and lunch selections more varied and better value. Still they make a great Dungeness crab cake with roasted pepper relish and prawn aioli appetizer and a formidable local seafood bouillabaisse.

For lunch, I highly recommend the Moroccan turkey burger, the famed turkey sandwich or the veggie chili. And the breakfast from the Diner Classic to the Eggs Benny Tomato-style has always been outstanding, as are the homebaked cookies and desserts.

As we vacuumed up the last of our meal the twins started to disintegrate faster than a candy heart in a glass of champagne. Ah, the fleetingness of youth, I thought, gazing at my bald spot in a spoon, and peaceful dining, too. Still, for that one small moment, however brief, I actually remembered what is was like to chew food.

THE BOTTOM LINE: Vine-ripened dining ripe for the picking.

RATINGS: Food: B+; Service: A; Atmosphere: B

© The Vancouver Province 2008

Ivanhoe, Bayer & Rio Tinto Mongolian Copper Mine “Oyu Tolgoi” waits for Mongolian government decision

Wednesday, February 13th, 2008

Derrick Penner
Sun

Ivanhoe waits for Mongolian decision

Company a buy but valuation cut, analyst says

For Ivanhoe Mines Ltd. and Mongolian Prime Minister Sanjaa Bayar, it is not a question of if, but rather a question of when the Mongolian government will approve an investment agreement for the Vancouver-based mining firm’s massive Oyu Tolgoi copper mine.

However, that question of when — and whether parliamentary elections in Mongolia will mean further delays — prompted analysts at the Canadian branch of investment bank UBS on Tuesday to decrease their valuation of the company.

UBS analyst Tony Lesiak still rates Ivanhoe a “buy”, but cut his valuation of Ivanhoe to $15.19 a share, and UBS’ target price to $15 from $19 because of the possibility approval of the agreement with the Mongolian government may be delayed, pushing the timeline for Ivanhoe to build Oyu Tolgoi and put it into production out to mid-2011 from early 2010.

Ivanhoe Mines shares declined 44 cents to close at $9.72 in trading Tuesday on the Toronto Stock Exchange. The 52-week high was $17.48, achieved last July 9, its low was $8.50 on Jan. 21.

The company points to a December letter to Bayar and Rio Tinto, Ivanhoe’s partner in developing the mine, that states that completing the long-awaited agreement with Ivanhoe before the election is one of the prime minister’s priorities.

However, in his report Lesiak said news reports from Mongolia indicate there is uncertainty over whether a draft agreement drawn up last June has been pulled back, and how much work still needs to be done to bring it to conclusion.

Lesiak said he doubts an agreement can be finalized before the election, although investment analysts who cover Ivanhoe are of divided opinions on that question.

On Jan. 30, BMO analyst Craig Miller upgraded his recommendation on the stock to a speculative outperform based on “a high probability that the Oyu Tolgoi investment agreement gets ratified” during the first-half of this year.

He valued Ivanhoe at $16.56 per share in his Jan. 30 note.

However, regardless of the lack of consensus, analysts do not disagree that Oyu Tolgoi is an extremely valuable asset that the Mongolian government wants to see developed.

Lesiak called the mine “a very scarce asset” in his report.

Oyu Tolgoi is one of the largest and most lucrative mining development projects in the world,” Lesiak wrote.

According to data from Bloomberg, three of five analysts that cover Ivanhoe rated it a “buy”, one rated it a “hold”, and one as a “sell.”

The outlook for copper, at least in the medium term, is for strong prices because continued growth of the Chinese economy is expected to outweigh the decline of copper consumption in the U.S., where the possibility of a recession is growing.

“Consumption of copper in China is probably double what it is in the U.S. in terms of its share of world consumption,” said Patricia Mohr, vice-president of industry and commodities research at Scotiabank.

And China still has big investments in copper-intensive infrastructure projects, she added. Spending on consumer products is also still rising in China, which will require the use of more copper.

Don Lindsay, CEO of Vancouver-based miner Teck Cominco, said during a conference call on Tuesday that a drop in U.S. consumption hasn’t phased world markets.

“We have a significant slowdown in the U.S., probably a recession, which historically would have a major effect on metal prices,” he said.

“But so far, at least in copper and the outlook in metallurgical coal related to steel, it doesn’t seem to be having much effect.”

© The Vancouver Sun 2008

 

Mortgage help extended to all kinds of borrowers

Tuesday, February 12th, 2008

Marcy Gordon
USA Today

A foreclosure sign tops a sale sign outside an existing home on the market in northwest Denver. A new plan backed by the Treasury Department and HUD would pause foreclosure proceedings for borrowers who are more than 90 days delinquent while lenders study whether payments can be made under new terms.

WASHINGTON — Six large mortgage lenders and servicers launched a program Tuesday aimed at staving off foreclosure for delinquent borrowers in the hopes that more affordable loan terms can be worked out.

“Project Lifeline,” backed by the U.S. Treasury and the Department of Housing and Urban Development, would pause foreclosure proceedings for borrowers who are more than 90 days in arrears while lenders determine whether they could make payments under new terms.

The new effort will cover all types of home loans, unlike an earlier plan aimed at freezing interest rates for subprime mortgage holders who cannot afford rates that reset to higher levels.

The plan initially involves six of the largest mortgage lenders, in hopes more will sign on. The participants are Bank of America, Citigroup, Countrywide Financial, JPMorgan Chase, Washington Mutual and Wells Fargo, who say together they service about half the mortgages in the USA.

All six are already involved in Hope Now, the effort the Bush administration brokered with the mortgage industry late last year to freeze rates on some subprime mortgages for five years. Since then, Treasury Secretary Henry Paulson has urged lenders to expand that effort to cover struggling homeowners with conventional mortgages.

 

With home prices falling, even some people with good credit have gotten behind on their payments. Like many subprime borrowers, they signed up for adjustable-rate mortgages that allowed them to make smaller, steady payments for several years until a higher adjustable interest rate kicked in.

Some borrowed against their rising equity as home prices climbed, assuming they would be able to refinance or sell their homes before higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.

The Hope Now alliance, which includes lenders, investors and non-profit groups, said last week that it helped nearly 8% of subprime borrowers in the second half of 2007 — more than its original estimate.

The group said it helped 545,000 subprime borrowers with spotty credit in the second half last year, compared with its January estimate of 370,000. That works out to 7.7% of 7.1 million subprime loans outstanding as of September.

Among the subprime borrowers, 150,000 were helped through permanent-loan modifications, such as lower interest rates, while 395,000 negotiated repayment plans, which often involve a borrower getting back on track after missing a few payments.

Consumer groups, however, point out that many borrowers still can’t keep up, even after loan workouts. They say rather than a workout, a full-fledged refinancing at a lower rate is preferable.