Weekly Market Report – February 22, 2024

Blue Hawaii, a new sushi restaurant, has leased a 1,956 sq. ft. bay at 1301 South 72nd Street in Aksarben Center, according to ACCESS Commercial. Opening is planned for early summer. The locally owned restaurant is a spin-off concept from the owners of Oma’Oma’O Poke & Sushi at 124th & West Dodge Road.

Lit Cigars & Spirits Lounge plans to open in September or October in a building currently under renovation on the northwest corner of 16th & Cuming Street. The business has already received its alcohol and tobacco licenses. Plans call for a wrap-around outdoor patio and possibly a rooftop deck.

The long-whispered rumor is true. Let It Fly sports bar plans to open a second Omaha location in the former Barrel & Vine space at 1311 South 203rd Street. Let If Fly’s existing location is in the Capitol District downtown. Opening is planned for this spring.

Sakai Sushi Train has opened at 555 Cornhusker Road in Bellevue. Sushi train restaurants – also known as “rotation sushi” – use conveyor belts to deliver dishes to customers’ tables.

Shahen Afghan Restaurant at 1115 South 119th Street is opening a new location at 62nd & Maple Street in Benson on March 8th. The restaurant will offer a one-time buffet on opening day so customers can try everything on the menu.

Buffalo Wild Wings GO has opened its first Nebraska location in Vinton Square Shopping Center at 3116 South 24th Street. A relatively new concept, GO focuses on take-out and delivery orders.

Dirty Dough Cookies will hold a ribbon cutting ceremony March 4th at 4 p.m. for its new store at 12434 Southport Parkway in La Vista. The store is adjacent to Cabela’s and Embassy Suites.

Hydes Slydes Burgers & Fries is now open inside the former Over Easy restaurant space at 16859 Q Street. The business has a food truck and an existing location inside the Grover Inn at 3505 South 42nd Street.

Skeffington’s Formal Wear recently opened its first Nebraska location in Omaha’s Clocktower Village at 615 North 98th Street. The Des Moines, Iowa-based, suit-and-tuxedo retailer was founded in 1951 and has four Iowa locations.

Turtle Doves, an event space in downtown Gretna, is opening a second location at 3702 Leavenworth Street in Midtown Omaha. Interior construction is underway and the targeted opening date is mid-April. The Midtown location will have different ownership, but the two venues will share the same website and calendar.

Mauve Clothing recently moved to the Shops of Legacy at 16950 Wright Plaza from its previous location at 11430 Davenport Street. Mauve is a “women’s clothing boutique, offering trendy, yet realistic pieces for all women.”

Elie’s Chinchorro Caribbean Bistro at 3020 South 32nd Avenue is closing February 27th. The owner cited “personal reasons” in the closing announcement and said the restaurant might reinvent itself at some point. The business will continue its catering and events services and might open a new location in North Downtown.

The 2024 Sarah Baker Hansen food bracket is back. This year, we’re launching a battle for the best Buffalo wings. The showdown, which will include restaurants in both the Omaha and Lincoln metro areas, launches in tandem with March Madness. Before then, tell us: What restaurant absolutely has to be a contender? Bonus points for obscure, under-the-radar picks. Send your thoughts to sbh@sarahbakerhansen.com.

The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!

Learn more about Anderson Convenience market at www.Anderson1952.com

Omaha Airport Authority Breaks Ground on $950 Million Terminal Expansion

The Omaha Airport Authority held a groundbreaking ceremony this week to commemorate the start of construction on the $950 million Build OMA Terminal Modernization Program at Eppley Airfield.

Key stakeholders including the Omaha Airport Authority board of directors, city leaders, government officials, construction partners, airline and airport employees were on hand as ground was broken to begin efforts that will enhance and nearly double the size of the current terminal.

“With today’s groundbreaking ceremony, we’re starting a transformational process for Eppley Airfield that will significantly modernize this airport and enhance the travel experience for decades to come,” said Dave Roth, Chief Executive Officer for the Omaha Airport Authority. “Last year we saw more than 5 million passengers traveling through Eppley, the second busiest in our history. As the City of Omaha and State of Nebraska continue to grow, passenger activity will as well. With these vital enhancements, Eppley Airfield will be growing to meet those future travel expectations.”

Omaha Airport Authority Board Chair Eric Butler commenced the dedications to the terminal program. City and state leaders spoke about the importance Eppley has on the economic growth potential of the region.

Elected officials at the podium during the ceremony were Omaha Mayor Jean Stothert, Nebraska Governor Jim Pillen, U.S. Congressman Don Bacon and U.S. senators Pete Ricketts and Deb Fischer.

“We’re getting ready to create a world-class airport,’ Butler said. “It will be a gateway to our community.”

The work to expand and renovate the Eppley terminal is projected to be completed in 2028 with key enhancements including:

• Increase the size of the terminal from 375,000 square feet to approximately 646,000 square feet.
• A single, unified concourse with a centralized Transportation Security Administration security screening checkpoint
• Increase to 22 arrival/departure gates with the ability to add additional gates for future growth.
• Two gates will be capable of handling international flights with a new Customs and Border Protection arrivals hall for international passenger processing.
• New restaurants and retail concessions after security within a new central pavilion.
• Enhanced vertical circulation for passengers including new elevators and additional escalators, enhancing accessibility throughout the terminal
• Funding for the program will come from Eppley revenues, federal grants and future airport bonds.

KETV this week reported that airlines are expected to offer nonstop flights to Mexico and the Caribbean when terminal is finally completed four years from now. Exact cities would be determined by the airlines based on passenger demand.

“In particular places like Cancun, Cabo San Lucas, Puerto Vallarta, Montego Bay. Those are some of the ones that we know travelers are already getting on flights right now in Omaha and making other connections in other cities,” said Steve McCoy of the Omaha Airport Authority.

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Construction has started on a classic urban infill project at 3612 Leavenworth Street. Plans call for a 4-story, 33,235 sq. ft., 24-unit apartment building to be constructed on just a .28-acre site located between a Kwik Shop and a 3-story, mixed-use building. The lower level of the building will have 20 indoor parking stalls.

The City of Gretna has acquired a 35-acre, undeveloped property between U.S. Highway 6 and the new Gretna Crossing Park, north of Jansen Drive, for its planned community complex. Gretna plans to build a library and new city offices on the site.

The long-planned Rocket Carwash that was to be constructed along the east side of 72nd Street south of Farnam Street is apparently no more. The land is now listed for sale for $3.35 million.

Structural steel is now in place for GraceHill Church’s future building at 188th & Harney Street. The church is currently located at 20275 Honeysuckle Drive in Elkhorn.

The City of Omaha has tweaked the concrete recipe that contractors must follow when building new streets, according to the Omaha World-Herald. The new mixture is intended to make the concrete last longer and cut down on potholes.

Construction is now going vertical on the Boho Flats project at 13th & Pine Street in Little Bohemia. The 4-story building will have 59 apartments and 5,000 sq. ft. of street-level retail space.

An Early Spring – The new Heartland of America Park’s skating ribbon has concluded its first ice skating season. The ribbon is now being converted for roller skating.

Omaha’s Henry Doorly Zoo & Aquarium has welcomed yet another baby elephant. A male calf was born this past Sunday. That’s the fifth elephant calf born in Omaha in the past two years. The population of our local elephant herd now totals 10.

History Nebraska has approved an expansion of the South Omaha Main Street Historic District along South 24th Street to include structures along the east side of South 26th Street, between O and M streets, according to Nebraska Examiner. The historic district was first added to the National Register of Historic Places in 1988

Hutchfest, a two-day, vintage festival/market for artists and merchants, is moving from North Downtown to Heartland of America Park at The Riverfront this summer, according to KETV. The dates are June 8th and 9th.

Grow Omaha Snippets are brought to you by Omaha Car Care with four metro area locations – 131st & Dodge, 58th & Center, 85th & L and 144th & Harrison.

Omaha Car Care “We’ll be along for the ride.”

Berkshire Hathaway’s 2023 annual report will be posted on the company’s website this Saturday at 7:00 a.m. Berkshire will issue an earnings release at the same time. The report will include Warren Buffett’s annual letter to shareholders as well as information about Berkshire’s financial position and results of operations. Berkshire’s shareholders meeting will be held Saturday, May 4th at CHI Health Center Omaha.

Union Pacific plans to invest $3.4 billion in 2024 to support safe operations and renew assets across its 23-state footprint. An estimated 56 percent of the capital plan, or $1.9 billion, will go toward upgrading and replacing infrastructure, such as rail, ties and ballasts, along with $600 million toward locomotives and equipment.

Omaha Public Power District plans to add 900 megawatts of new electricity generation from natural gas turbines at two existing power stations, part of a $2 billion expansion that will nearly double capacity over the next decade, according to the Omaha World-Herald. Three turbines will be added at OPPD’s existing Cass County Station and one would be installed at Turtle Creek Station, which is under construction in Sarpy County.

Take 5 Oil Change will hold a ribbon cutting ceremony February 27th for its new store at 1419 Papillion Drive in Shadow Lake Towne Center.

In a March 2023 Mutual Insights survey conducted by Mutual of Omaha, just one in four respondents expressed confidence in their immediate financial future. By November, that number had jumped to almost six out of 10. Those numbers correspond with data from the Conference Board Index that also show consumer confidence in job prospects, inflation and business conditions increased in December.

Todd Becker, president & CEO of Green Plains, Inc., will participate in a fireside chat at Bank of America 2024 Global Agriculture and Materials Conference, at 2:30 p.m. on February 29th.

Valmont Industries, Inc. has announced financial results for the fiscal year ended December 30, 2023. Net Sales decreased 3.9 percent to $4.2 billion. Fourth quarter 2023 net sales decreased 10.3 percent to $1.0 billion.

NP Dodge Real Estate has recognized its 2023 producers: Top super-mega team, The Rensch Group; Top mega team, The Bill Black Team; Top power team, Ashley Nicole Realty Group; Top partners, The Brown Stones Group; Top individual agent, Robin Philips.

Omaha Steaks has entered into an exclusive partnership with Laithwaites, “the world’s number-one, home delivery wine service.”

Election Systems & Software has announced the approval of its PowerProfile, a fully integrated voter registration and election management solution, by the New York State Board of Elections. This approval is the first of its kind for vendor-hosted voter registration systems in the State of New York.

Amazon is the most shopped online brand by U.S. shoppers (84%), according to economist Ted C. Jones, but 47 percent of Gen Z said they’re actively trying to shop less with Amazon as were 20 percent of Boomers and 40 percent of Millennials.

This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”

Home Price Breakdown and Time on the Market in Omaha

By Joe Finlay

When people ask me about the real estate market, there are many variables. Price and location are the first that come to mind. For purposes of this article, we’re going to take a look at the market differences when it comes to home prices in Douglas and Sarpy counties.

Average Days on Market by Price Range

According to data provided in the Great Plains Multiple Listing Service, the average days-on-market for existing homes in all price ranges in January was 18. However, if you were trying to sell a house under $250,000, the average days-on-market was 16. The higher the price range, the longer the time on market. For example, the average days-on-market for a house in the $250k – $500k range was 18 days. For the $500k – $750k range, the average was 19 days. And for the $750k – $1 million price range, the average days-on-market increased to 45.

Number of Homes for Sale by Price Range

At the end of January, there were 574 existing homes for sale in Douglas and Sarpy counties. Here’s the breakdown in pricing: there were 191 homes for sale under $250k; 234 homes between $250k – $500k; 75 homes between $500k – $750k; and only 33 homes for sale between $750k and $1 million.

Bottom Line

When you ask a Realtor how the market is, the answer could be different based on your personal situation and interests. If you’re an investor looking to flip houses in the $100k price range, the answer will be a lot different than for someone relocating with a budget of $800k. Interested in what the real estate market looks like in your price range?Let’s connect.

Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.

LEADERSHIP & MANAGEMENT

Don’t confuse a lack of confidence with a poor attitude. The former is manageable; the latter is bad. If confidence is the problem, you can remedy it with training, coaching, field observation-feedback, role playing, positive reinforcement and assigning a mentor.

The average number of books read by a CEO is 60 per year, according to business author Anthony Iannarino. The more you read, the more you’ll see what is invisible to others.

Whether it’s a frequent traveler using a Clear membership to skip the TSA line or a skier using a fast pass to get quicker access to the chair lift, line skipping is becoming a big profit center for some businesses, according to CNN. Those who are willing to pay extra can end up saving a lot of time. Businesses are making money but risk alienating other customers.

Amid widespread layoffs and economic uncertainty, Gen Z and millennials are flirting with the idea of stability over a glitzy career, according to Fortune. Government jobs are all the rage on TikTok, with the hashtag #governmentjobs racking up over 22 million views and counting.

Forty-seven percent of Americans say they’re “very” satisfied with their personal lives, according to The Hustle. This is the third time since 2002 that fewer than 50 percent reported being less than very satisfied. Both previous times – in 2008 and 2011 – came amid economic turmoil. Sadly, 9 percent of Americans said they’re “very” dissatisfied.

SALES

The job of professional sellers is to justify the premium price of their offering compared to the market price, says author Mike Weinberg. Articulate the value you (or your solution/company) deliver that commands this higher pricing. There are reasons customers pay a premium, and it’s your responsibility to powerfully explain why.

If a prospect ultimately declines to work with you, here’s a helpful question, courtesy of HubSpot: “Why is it you’ve decided to say no at this time?” If there’s a chance of working this lead again in the future, it’s good to know why it didn’t work out this time.

Forty-four percent of sales reps give up after only one follow-up, according to Spotio.

The BragBird online sales training program gives you an edge when competing for new business. There are 40 modules, each a different topic with a video and matching workbook. It’s only $79 per month and group discounts are available. You can cancel at any time. If you’re ambitious, click HERE now!

WISDOM

“Develop success from failures. Discouragement and failure are two of the surest stepping stones to success.” – Dale Carnegie

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Did you know Omaha’s Eppley Airport had a 10.2 percent increase in passenger traffic from December 2022 to December 2023?

Did you know that Nebraska spends a larger portion of its annual budget on infrastructure than any other state according to TruckInfo.net?

Did you know Omaha’s Henry Doorly Zoo and Aquarium houses more than 1,100 animal species? That includes more than 300 invertebrate species, 350 fish species, 150 reptile species, 140 bird species, 115 mammal species and 55 amphibian species.

This section is sponsored by Lockbox Storage, an affiliate of Omaha-based McGregor Interests Inc. We provide storage solutions for all of your storage needs. Our facilities have full-time managers and bright lighting to provide superior security for your belongings. In addition to space for rent, we also provide packing supplies, protection plans and locks along with complimentary handcarts and dollies. Visit LockBox Storage and let us help you with all your storage needs.

Disney’s The Lion King happening from February 29th to March 24th: More than 100 million people around the world have experienced the awe-inspiring visual artistry, the unforgettable music and the uniquely theatrical storytelling of this Broadway spectacular – one of the most breathtaking and beloved productions ever to grace the stage. This is Disney’s THE LION KING, making its triumphant return to the Orpheum Theater. With varying showtimes, and dates, get your tickets now!

Night Light: The Chemistry of Love on February 29th: What is love? This February, Kiewit Luminarium is getting to the heart of the matter and engaging all five senses in an exploration of the science of love. During this adults-only event, they’ll dim the lights and get a little romantic with activities including a date night scavenger hunt for prizes, rose dissections and heart dissections. Don’t miss their Lover’s Lounge featuring one of the best views in the city, signature cocktails and much more!

South Beach Pop-Up Bar happening weekly on Thursday, Friday, and Saturday until March 16th: The Granary’s South Beach Pop-Up Bar transforms Ralston into a winter beach getaway, offering a unique escape from the cold. Guests can enjoy a range of tropical cocktails and mocktails, along with beach-inspired snacks. The atmosphere is enhanced with lively music, beach chairs, umbrellas and tropical decorations, creating a paradise-like setting. It’s an ideal spot for those looking to break free from winter, experience summer vibes or relax with friends. Reserve your spot today!

Speed Painting on February 29th: The evening will begin with a meet-and-greet, allowing everyone to get to know each other before the speed painting rounds begin. During the speed-painting portion of the event, participants will rotate canvases, creating unique abstract art. At the end, each participant will get to choose a piece to take home. This event has been curated for singles who want to have a fun experience and meet others for the purpose of friendship. You will meet others of all ages and genders at this event!

BRICKLIVE Brickosaurs happening until May 12th: It’s an exhibit millions of years and millions of bricks in the making! Experience BRICKLIVE Brickosaurs, an adventure of Jurassic scale at Omaha’s Lauritzen Gardens. This touring show boasts some of the most exceptional brick builds ever created, allowing visitors to witness firsthand what it would have been like to come face-to-face with a herd of incredible reptiles, while discovering prehistoric plants in the garden’s collection. This dino-mite exhibit is perfect for young paleontologists and budding builders, with dino facts, photo opportunities, and build stats at every turn.

This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.

Eagle Mortgage can help you realize your dream of owning a home.

Hancock & Dana P.C., an Omaha-based accounting firm, has promoted Jeff Faltys and Stephanie Vanicek to shareholder.

TACKarchitects has hired Caroline Gomel as an interior designer. An Omaha native, Gomel graduated last year from the University of Nebraska-Lincoln.

Omaha Public Schools has chosen interim superintendent Matt Ray to be its permanent leader starting July 1st.

Fraser Stryker has added corporate transactional attorney Mary Carnazzo. She assists business clients in corporate governance, commercial transactions, mergers and acquisitions and compliance matters. She previously served as an in-house counsel for Kiewit.

In memoriam – Bruce Lauritzen, former chairman of FNBO, died yesterday at age 80. He was the fifth of six generations in his family to lead the bank, which was founded in 1857. In addition to running one the nation’s largest privately owned banks, Lauritzen was a pillar of the community, serving on several boards and supporting multiple non-profit causes. He played a key role in downtown Omaha’s growth and development; it was his decision to build the 45-story First National Tower, which was completed in 2002.

The Greater Omaha Chamber is a catalyst and connector, advocating for businesses small and large. Learn, share and grow with more than 12,000 professionals from 3,000 member businesses across Greater Omaha. Click HERE to see our latest events.

Fidelity Mutual Funds just released their periodic financial report. Fidelity is one of the big three internet/discount brokerage firms, along with Schwab and Vanguard. The major difference is that Fidelity is privately held and doesn’t have to give a comprehensive report on its business dealings.

Fidelity is the largest player in the business of managing and selling actively managed mutual funds whose objective is to beat the market.

Unless you’re under the age of 12, you’re familiar with Vanguard’s Fidelity Magellan fund that was the creme de la creme of the mutual funds back in the 1990s. It was run by Peter Lynch, the GOAT of actively managed mutual fund managers. He is legendary for having bested the S&P 500 for 13 straight years.

However, the golden age of stock pickers is over.

In their annual report, Fidelity announced that they are focusing less on the actively managed business and more on the business of providing custodian services for the rapidly growing numbers of Registered Investment Advisors. Their latest disclosure shows that a significant portion of their revenue is gained by the same model that powers Schwab: they make money from holding assets, not managing assets. Fidelity’s revenue climbed 12 percent to $28.7 billion. Its assets under management, which it holds in its own investment funds, only increased 4.8 percent to $4.9 trillion. Assets under administration, assets it passively holds for RIAs, rose 23 percent to $12.6 trillion. Another nail in the egregious fees coffin.

Some actively managed mutual funds are now offering ETF shares. An ETF is an exchange traded fund that trades on the open market like a regular stock.

Under the old structure, when an investor sold a share of a mutual fund, the fund manager had to sell part of its portfolio in order to cash them out. But, ETS are traded on the secondary market, so the fund managers don’t have raise cash to pay the sellers, making them less susceptible to emotional shareholder runs.

The price of an ETF is established by the supply-and-demand factors of the open market. So, there will be times when the fund could be selling at a premium to its underlying value and times when it could be selling at a discount to its underlying value. A new opportunity for active investors to respond to Mr. Market’s emotional mood swings.

Why should you care?

These changes create new opportunities for the 90 million individual investors who manage their own portfolios. It also creates more products whose pricing paradigm is not based on economic fundamentals. Bottom line – Mr. Market has many players with business models that impact the cost of investing and the ways that stocks are priced. And Mr. Market is an ever-changing, evolving organism.

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The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.

Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!

Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.

Support the Grow “O” Mission

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