Wednesday, December 13, 2006

'Incompetent' refurbishment costs UN £1bn
By David Cox in New York, Sunday Telegraph http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2006/12/10/wun10.xml

The United Nations is facing fresh accusations of bureaucratic incompetence after the disclosure that renovation costs for its vast New York headquarters have rocketed to nearly £1 billion.

The building is seen by some as a symbol of the UN's incompetence
The projected bill for the scheme, which includes updating the 1950s building and a makeover for the Secretary General's New York residence, has risen by nearly two-thirds from an original 2002 estimate of $1,170 million (£600 million) to $1,900 million.

Kofi Annan, the departing Secretary General, presented a confidential progress report at a closed-doors meeting of the UN General Assembly last week, of which The Sunday Telegraph has obtained details.

The document's revelations will be seized on by critics of the world body, who have often viewed its sprawling 38-floor offices as a symbol of UN incompetence and inefficiency in the wider world.

John Bolton, the outgoing American ambassador to the UN and one of its fiercest critics, famously once remarked that if the building lost its top 10 storeys, "it wouldn't make a bit of difference".

The cost of the overhaul will be shared among the UN's 192 member countries, whose core members paid for its original construction between 1949 and 1950. At the time, it was designed to provide office space for delegations from just 70 nations.

In the five decades since, the buildings have not been significantly improved or maintained, and are extremely energy-inefficient, costing more than $30 million a year in heating and lighting alone.

New York city firefighting authorities say that the buildings do not meet fire, safety and building code standards, and there are also concerns about asbestos used in the original construction.
In a separate report to Congress in Washington in November, the US Government Accountability Office heavily criticised the UN for "weak internal controls" that posed a "significant risk of waste, abuse and fraud".

In particular, it said that, despite strong recommendations, the UN had failed to provide procurement guidelines to staff charged with hiring contractors, and that the head of the committee set up to prevent procurement abuse had stated that he did not have the finance needed to do his job.

The report said that the UN had no independent process to review internal compliance with its stated procurement procedures, and warned that "the cost is still preliminary and will likely change".

Its author, Thomas Melito, added: "The UN procurement service is a branch of the UN that handles procurement for everything from peacekeeping missions to building projects. We recommended that they mitigate the known weaknesses in the procurement service, and they agreed with that. But it will take several years for the UN to address these weaknesses."
The baseline figure for the work is now revealed to have risen by $100 million from inflation alone.

Newly added plans for blast protection and other security upgrades add a further $166 million to the bill, while the cost of building a temporary 100,000 sq ft conference hall on the UN's north lawn has risen from $11.4 million to $66 million.

The projected temporary offices for staff and diplomats during the eight-year renovation – which is not due to start until 2008, despite being first mooted in 2001 – has jumped from $170 million to $220 million.

The spiralling figures involved have astonished New York property moguls such as Donald Trump, who claimed that the costs were being pushed up by "incompetents".
"It's the most ridiculous construction development I have ever witnessed," he said. "It's being run by a bunch of incompetents, and it's a disgrace to this country. It should cost $700 million, but I bet it will now end up costing $3.5 billion."

Meanwhile, Ban Ki Moon, the South Korean diplomat who is due to take over from Mr Annan in the New Year, will spend the first nine months of his tenure in a hotel while his Manhattan residence receives an urgent $4.3 million makeover.

Despite being one of the city's most impressive addresses, the four-storey New York town house is suffering from crumbling plaster walls, constant plumbing leaks, and an electrical system that repeatedly overloads, costing $60,000 a year in emergency repairs.

Another organization that has completely lost touch with those who they are supposed to be helping!

Wednesday, December 06, 2006

Real Estate Sales Steady in November

Real estate sales throughout the Greater Victoria area remained steady in November showing virtually no change from November of last year. The overall average price of single family homes, condominiums and townhomes sold last month all increased.

There were 571 property sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in November compared to 573 sales in the same month a year ago. There were 590 sales in October of this year. There were 3,158 properties listed for sale at the end of last month – that’s 32 per cent higher than the 2,399 properties for sale in November of last year.

Victoria Real Estate Board President, Scott Kendrew, says it is usual for the market to slow somewhat at this time of year. “Sales so far this year are running about seven percent below last year’s levels reflecting the return to a more balanced market following several exceptional years.” Kendrew stressed the importance of viewing price changes over time. “Average prices are particularly sensitive to month-to-month fluctuations. The sale of 15 condominiums priced over $700,000 had an impact on the average price of condominiums last month. Overall, this has been a very positive year with the six-month rolling average price for the three major property types all up since the beginning of the year with single family homes showing an eight percent increase, condominiums a 16 percent increase and townhomes a six percent increase.”

The average price for single family homes in Greater Victoria last month was $534,734; the average for the last six-months was $527,539. The median was lower at $459,000. The average price for all condominiums sold in November was $359,742; the average for the last six months was $298,111. The median was again lower at $261,950. The average price for townhomes last month was $390,145; the average for the last six months was $367,328. The median was $345,000.

MLS® sales last month included 321 single family homes, 152 condominiums, 51 townhomes and 23 manufactured homes.

Saturday, November 11, 2006

My website providers Point2 homes have added an automated blog to my site that advertizes my listings. It is really quite good for an automated tool. Have a look here...
http://www.lornetuplin.com/blogs/lorne__tuplin/default.aspx

Thursday, November 02, 2006


Start of Fall Marked by Strong Real Estate Sales

Real estate sales remained strong throughout the Greater Victoria area in October. There were 590 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in October, virtually unchanged from the 593 sales in September. Last month’s sales were higher than a year ago - there were 575 sales in October of 2005. The number of properties available for sale on MLS® continued to increase. There were 3,426 properties listed at the end of last month compared to 2,496 properties in the same month a year ago.

Victoria Real Estate Board President, Scott Kendrew, says the shift we have been seeing in recent months towards a more balanced market is continuing. "The strong sales last month show there is ongoing confidence and demand in the market while buyers now have lots to choose from." Kendrew noted that there will always be month to month fluctuations in prices but overall prices have increased modestly this year. "The six-month average price for single family homes has risen just over six percent since the beginning of the year. The six month average for condominiums has risen 10 percent during this period while the six month average for townhomes has risen three percent."

The average price for single family homes in Greater Victoria last month was $523,677; the average for the last six-months was $524,017. The median was lower at $450,500. The average price for all condominiums sold in October was $272,224; the average for the last six months was $287,079. The median was again lower at $252,500. The average price for townhomes last month was $351,663; the average for the last six months was $361,476. The median was $335,000.

MLS® sales last month included 349 single family homes, 144 condominiums, 52 townhomes and 10 manufactured homes.

Thursday, October 19, 2006

Move Toward More Balanced Market Continues

The Victoria area real estate market continued the move toward a more balanced market last month with more properties becoming available for sale, prices remaining strong and sales moderating slightly. The number of homes and other properties listed through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) increased to 3,449 last month - up from 3,345 in August and up 42% compared to September of last year. There were 593 sales in September, down from 694 sales in August. There were 714 sales in September of last year.

Victoria Real Estate Board President, Scott Kendrew, says the market conditions now offer greater choice for buyers. "With more properties available for sale, buyers can take more time to find something that suits their needs and budget. The market remains very healthy with prices remaining strong in all major housing types." Kendrew noted over 30 percent of all single family home sales last month selling for under $400,000 and over 43 percent of all condominiums selling for under $240,000.

The average price for single family homes in Greater Victoria last month was $545,172; the average for the last six-months was $521,937. The median was lower at $471,000. The average price for all condominiums sold in September was $291,798; the average for the last six months was $287,359. The median was again lower at $259,500. The average price for townhomes last month was $360,171; the average for the last six months was $360,583. The median was $344,000.

MLS® sales last month included 303 single family homes, 177 condominiums, 51 townhomes and 19 manufactured homes.

Tuesday, September 19, 2006


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Wednesday, September 06, 2006

Bank of Canada holds rates unchanged
DAVID PARKINSON Globe and Mail Update

The Bank of Canada held its overnight rate target steady Wednesday, a non-move widely expected by the markets, and indicated it expects to remain on hold for the foreseeable future.
The central bank maintained its benchmark rate at 4.25 per cent. It was the second straight rate announcement in which the bank held the rate steady, following seven consecutive 25-basis-point increases that began in September 2005. (A basis point is one-hundredth of a percentage point.)

“Looking forward, the bank continues to expect the Canadian economy to operate at about its production potential, with total CPI inflation returning to the 2-per-cent inflation target in the second half of 2007,” the bank said in its statement accompanying the rate announcement. “In line with this outlook, the current level of the target for the overnight rate is judged at this time to be consistent with achieving the inflation target over the medium term.”

Analysts took the rate-setting statement as evidence that the bank will probably keep rates steady for at least the rest of this year.
Source http://www.theglobeandmail.com/servlet/story/RTGAM.20060906.wbankrate0906/BNStory/Business
Sales Solid in August Prices Remain Stable

The number of homes and other properties sold through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) increased modestly last month compared to July. There were 694 sales in August, up from 677 sales in July. There were 753 sales in August of last year.
Victoria Real Estate Board President, Scott Kendrew, says the solid sales in August show that the market continues to be strong and stable. "It’s usual for sales to soften somewhat in July and August as many people are on vacation, so the slight increase in sales last month compared to July is evidence of the market’s continued strength." Kendrew noted that the number of properties available for sale continues to rise. "Last month a total of total of 3,345 properties of all kinds were available for sale compared to 2,379 properties in August of last year."

Kendrew added that prices remain very stable showing little overall change from the previous month. "Homes are selling in every price range with over a third of all single family home sales last month selling for under $400,000; at the top end of the market there were 13 single family homes that sold for over $1 million."

The average price for single family homes in Greater Victoria last month was $510,059; the average for the last six-months was $526,926. The median was lower at $462,900. The average price for all condominiums sold in August was $295,770; the average for the last six months was $284,611. The median was again lower at $263,450. The average price for townhomes last month was $354,269; the average for the last six months was $365,002. The median was $341,500.

MLS® sales last month included 378 single family homes, 180 condominiums, 66 townhomes and 20 manufactured homes.


Tuesday, August 29, 2006

Top 10 Cities in US & Canada according to Travel & Leisure

Florence tops the list of World’s Best Cities for a second time this year and is joined again by some lovely perennials—Rome, New York, and Sydney. But this year, Travel + Leisure readers prove that they’re also intrepid and curious, giving high marks to far-flung cities like Beirut and Kathmandu.

Top 10 Cities U.S. and Canada
Rank
Last Year
Name
2006Score
1
1
New York
84.75
2
2
San Francisco
84.29
3
4
Chicago
82.52
4
6
Charleston, South Carolina
82.48
5
3
Santa Fe
82.06
6
5
Vancouver
81.45
7
7
Quebec City
80.98
8
9
Victoria, British Columbia
79.92
9
8
Montreal
79.46
10
n/a
Seattle
79.05

http://www.travelandleisure.com/worldsbest/2006/results.cfm?cat=citiesusca

I’m not sure what you think, but none of the cities other than Victoria inspire me much. But then when you LIVE in the best (Victoria) you KNOW why it is the best!

Monday, August 28, 2006

Victoria - Rated #1 for Retirement!
http://ca.pfinance.yahoo.com/ca_finance_planning/14/theyre-golden-the-best-places-to-retire

They're golden: the best places to retire
Zena Olijnyk

When it comes to determining the top places for living out your golden years, 10 Canadian communities rank with the cream of the crop in the United States, even if you take our colder climate into consideration. That's the somewhat surprising conclusion of Retire in Style: 60 Outstanding Places Across the U.S.A. and Canada, by Warren Bland, professor emeritus of geography at the Northridge campus of California State University.

Victoria tops Bland's list of best retirement spots. London, Ont., scored the second highest, tied with Boulder, Colo., and Portland, Ore. Halifax and the Ontario cities of Stratford and Kingston are among the Top 20 retirement places, while Owen Sound, Ont., Vernon, B.C., Kelowna, B.C., Fredericton and Charlottetown also made the Top 60 list. Says Bland: "Canadian cities are a superior place to live, climate aside, compared to American cities."

Born in Canada and raised in southern Ontario, Bland insists he didn't give his homeland an edge. Instead, he used a set of 12 criteria retirees should consider, including landscape, climate, cost of living, transportation, crime and health care. For each category, he awarded a score (out of five). Still, Bland acknowledges retirees might want to emphasize certain criteria, since "everyone has his own combination of needs and wants."

There are compelling reasons for retirees to stay put, but Bland says there is much to recommend about relocating. Retirement represents "a new phase in your life," so moving offers a chance for different experiences and friends. There's also the opportunity for retirees to sell their home and move to where housing is cheaper. And it's possible to find pleasant, affordable places to live if you think beyond the typical places people retire. Pittsburgh, for example, scores high on Bland's list, but is off the radar as a retirement location. The Georgian Bay town of Owen Sound isn't on the beaten retirement track--with a snowy climate and less-than-ideal transportation links--but it offers a great, affordable quality of life.

Before relocating, Bland says retirees should "visit for a week or two during different times of the year." He recently retired himself, settling in Portland, Ore. "We looked for a house in Ithaca, N.Y., but it's a small town. It was harder than I thought it would be to find a home we liked." So Bland and his wife, Sarah, moved on to Plan B, charmed by the quality of life in his new community, "the best Canadian city in the United States."

City (points are in brackets)
1. Victoria (52)
2. Boulder, Col. (51)
3. London, Ont. (51)
4. Portland, Ore. (51)
5. San Antonio, Texas (50)
6. Asheville, N.C. (49)
7. Austin, Texas (49)
8. Boca Raton, Fla. (49)
9. Chapel Hill, N.C. (48)
10. Colorado Springs, Col. (48)
11. Fort Collins, Col. (48)
12. Halifax (48)
13. Madison, Wis. (48)
14. Pittsburgh (48)
15. Stratford, Ont. (48)
16. Gainesville, Fla. (47)
17. Hendersonville, N.C. (47)
18. Kingston, Ont. (47)
19. Medford-Ashland, Ore. (47)
20. Oxford, Miss. (47)
21. Sarasota, Fla. (47)
Choices Increase for Buyers

Buyers looking for properties to purchase have increasingly more choices as the number of properties available for sale on the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) rose again last month. A total of 3,318 properties of all kinds were available for sale in July - that’s 46% higher than the 2,275 properties available for sale in July of last year.

Victoria Real Estate Board President, Scott Kendrew, notes that while sales have softened slightly, prices have remained relatively stable and are up compared to the beginning of the year. "So far this year there have been 5,125 sales of all property types compared to 5,526 sales in the first seven months of last year. The six-month rolling average price of single family homes in Greater Victoria meantime, has increased from $492,786 in January to $524,437 in July." Over a third of all single family home sales in July were for under $400,000; 14 single family homes sold for over $1 million.

There were 677 sales of properties of all kinds through the MLS® system in July - down from 762 sales in June and 769 sales in July of last year.

The average price for single family homes in Greater Victoria last month was $514,358; the average for the last six-months was $524,437. The median was substantially lower at $438,500. The average price for all condominiums sold in July was $292,639; the average for the last six months was $278,866. The median was again lower at $255,000. The average price for townhomes last month was $381,373; the average for the last six months was $363,636. The median was $348,900.

MLS® sales last month included 379 single family homes, 193 condominiums, 61 townhomes and 18 manufactured homes.

Tuesday, March 07, 2006

Housing market warning
'Could be softening': Royal hints at peak as CMHC OKs 30-year mortgages

Garry Marr, Financial PostPublished: Tuesday, March 07, 2006

Royal Bank of Canada warned yesterday that the country's robust housing market may be slowing, adding its voice to a chorus of commentators saying the market has peaked.
The bank reported in its annual home ownership survey that buying intentions are at their lowest levels since 2000, a sign the "market could be softening." A poll conducted for the bank by Ipsos-Reid found only 10% of respondents say they are very likely to buy a home in the next two years -- down from 13% a year earlier.
"This year's results are a definite change from what we witnessed over the last five years," said Catherine Adams, Royal Bank's vice-president of home equity financing. "The intention to buy is still evident, but the intensity to do so is nowhere near as great."
A Statistics Canada report yesterday saw a sharp drop in construction intentions. The federal agency reported builders applied for $3.5-billion worth of residential permits in January, a 21.4% drop from a month earlier. Economists noted single-family home construction intentions continued to rise in January.
Most economists are predicting a pullback in new home construction and existing home sales in 2006, after new home starts set a record last year while existing home sales reached their second-highest level in 17 years.
In the face of these predictions of a slowdown in housing, Canada Mortgage and Housing Corp. -- the Crown corporation that monitors housing and insures Canadian mortgages -- provided some new fuel to the market.
In an announcement issued on a Saturday, CMHC said last week it will allow Canadians to amortize their mortgages over 30 years rather than the traditional 25 years. The effect will be lower monthly payments, making it easier for first-time homebuyers to get into the real-estate market.
It's unclear whether CMHC made the move to provide a boost to the market or for competitive reasons as it battles with privately held Genworth Financial Mortgage Insurance Company Canada (formerly known as GE Capital Mortgage Insurance) for control of the insurance market.
"I think they are testing the waters," said Benjamin Tal, senior economist with CIBC, about the new 30-year amortization.
Mr. Tal said the change will help offset expected increases in mortgage rates, based on monthly payments. "The fear is more low-quality mortgages will come into the market," he said, adding the CMHC policy is indicative of a market on its last legs. "You want to get the last wave of homebuyers before this boom is over."
Mr. Tal said the move by Canadian financial institutions into sub-prime mortgages is another sign the market is near its peak.
Toronto-Dominion Bank and Bank of Nova Scotia have both made acquisitions to get into the sub- or near-prime mortgage and auto-lending market.
"The activity in the sub prime is an example of the market being at or near the peak. It always happens near the end of the real estate market," said Mr. Tal.
In the real estate world, it's full steam ahead with few worries about a pullback, let alone a crash. "We've had a great two months already this year," said Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada.

Friday, March 03, 2006

Does Your Real Estate Agent Need to be Tech Savvy?
The National Association of Realtors’ (US) latest buyer-seller survey brings to light an interesting thing about buyers and real estate technology: people really expect their agent to know technology and use it to help them find a home.
The survey points out that 40% of buyers want their agents to have skills with real estate technology.
I bet if you were a fly on the wall in the homes of a few buyers, you’d find out that the number is actually much higher.
Why?
Because before a buyer works with a real estate agent she expects to be good with technology, she has to find him.
While many people get referrals from friends and family, there are a lot of people that don’t know where to start when looking for an agent.
And if anyone 35 years old or younger needs to find a real estate agent, I can tell you exactly where they will go first: the internet. That’s where the expectation that an agent knows what they are doing around technology jumps from 40% to 100%.
In the end, the overriding concern of buyers is that their agent help them find their dream home. Their dream is more important to them than the agent's knowledge of the market, negotiating skills or technology skills.
Looking for someone who listens and uses all available technology? Start today by;
Calling me toll free at 1-877-478-9600 or
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Sea Breeze Power Corp.: Vancouver Island Cable
Regulatory Application Withdrawn

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2006) - Sea Breeze Power Corp. (TSX VENTURE:SBX), on behalf of its affiliated subsidiary, Sea Breeze Victoria Converter Corporation ("Sea Breeze Victoria") announces its decision to withdraw its application for a Certificate of Public Convenience and Necessity ("CPCN Application") to construct a 550 MW direct current submarine transmission cable between Greater Vancouver and Greater Victoria on Vancouver Island, which is presently before the British Columbia Utilities Commission. The Vancouver Island Cable CPCN Application was originally filed on September 30, 2005.

Sea Breeze Victoria's decision to withdraw its CPCN Application followed a ruling by the Commission allowing BC Hydro and Power Authority to file new evidence that indicated that a capital structure of 100% provincially guaranteed debt must be utilized for a competing transmission proposal submitted by BC Hydro's affiliated transmission utility, BC Transmission Corporation, when comparing it to Sea Breeze Victoria's Vancouver Island Cable proposal.

Although the Commission decided to allow BC Hydro to present the evidence, it acknowledged the significance to Sea Breeze Victoria of the late filing of the evidence and, accordingly, presented several options to Sea Breeze Victoria.

Sea Breeze Victoria accepted the offer presented to it by the Commission to withdraw its CPCN Application and to seek an order for costs at a level beyond those established in the Commission's Intervener Funding Guidelines. In that costs application, Sea Breeze Victoria will be seeking full indemnification for all of its costs in bringing forward the CPCN Application for the Vancouver Island Cable. Further development work on the US$300 million project has been suspended.

Prior to the filing of the CPCN Application for the Vancouver Island Cable, Sea Breeze Victoria had been granted formal Intervenor status in the proceedings of BC Transmission Corporation's application.

Sea Breeze Victoria will continue its participation within the public hearing process as an active intervener opposing the issuance of a CPCN for BC Transmission Corporation's proposal, which proposes high voltage alternating current transmission cables on a right-of-way adjoining a number of residential properties.

Sea Breeze Victoria will also vigorously continue its participation within the process with regard to evidence that a technologically and environmentally superior as well as a more cost-effective solution for reinforcing reliability of Vancouver Island's transmission system would be construction of the Juan de Fuca Cable.

The Juan de Fuca Cable, proposed to transmit 550 MW also using high voltage direct current technology, would connect Greater Victoria, British Columbia with Port Angeles, Washington.

As an international transmission line, the Juan de Fuca Cable presently has a Draft Environmental Impact Statement under review by the United States Department of Energy, and a CPCN application under review by the National Energy Board of Canada.

ON BEHALF OF THE BOARD OF DIRECTORS

Paul B. Manson, PresidentThe TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Real Estate Sales - February

Real Estate Sales Surge in February Prices Remain Stable

Sales of homes and other properties surged ahead in February, recording a 32% increase over January’s sales. There were 658 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, up from 496 sales in January. Sales last month were very close to the 662 sales in February of last year.
Victoria Real Estate Board President, Scott Kendrew, notes that there are now more properties available for sale. "In February, there were 2,320 properties of all kinds available for sale - that’s 10% higher than in February of last year and helps maintain stability in the market."
Prices, meantime, remained steady. The average price for single family homes in Greater Victoria last month was $492,483; the average for the last six months was $486,699. The median price for single family homes at $428,450 was substantially lower than the average. The average price for all condominiums sold in February was $253,660; the average for the last six months was $263,550. The median was again lower at $232,000. The average price for townhomes in February was $344,325; the average for the last six months was $354,636 and the median last month was $331,000.
Kendrew notes that in February there were 12 single family homes that sold for over $1million and three condominiums that sold for over $700,000 but the market continues to offer a wide choice of price options to buyers. "Over 35% of single family homes sold for under $375,000 last month and nearly one third of all condominium sales were for less than $200,000."
MLS® sales last month included 359 single family homes, 166 condominiums, 62 townhomes and 14 manufactured homes.
Statistics courtesy of the Victoria Real Estate Board