Weekly Market Report

Nicole Buntgen, Contributing Writer

Clio is now open in the former Wheatfield’s space at 1202 Howard Street in the Old Market. The restaurant serves Mediterranean cuisine and is the latest concept from Omaha-based Flagship Restaurant Group.

J’s Smokehouse, a family-owned barbecue restaurant, is moving to 4725 South 96th Street, taking over BigWay Chicken & Catfish’s current space. J’s will stay open at their Papillion location (230 West Lincoln Street) until their soft opening on July 1st. BigWay’s last day will be June 29th.

The Denny’s location at 3509 South 84th Street officially reopened today (June 13th). The diner chain, located just off 84th Street and Interstate 80, was temporarily closed due to a fire incident in January.

The Good Life Sports Bar & Grill has leased a 5,880 sq. ft. space formerly occupied by Addy’s Sports Bar at 14110 S Street, according to NAI NP Dodge. An opening date has not yet been announced.

Signage has gone up for Lucy’s, a cocktail bar and recreation center at 9729 Q Street. The business is described as “a Premier Gaming Experience, featuring skill games, upscale snacks, and custom drink specials.”

Swing 365 Bennington opened earlier this week at 15450 Ida Street, Suite 300, next to The Rack Wine and Spirits. The golf simulator and swing suite is open 24 hours a day, 365 days a year.

Construction has started on a 3,245 sq. ft., Chase Bank branch building at 138th & West Maple Road next to an existing Burger King restaurant. Yet another Chase branch is planned for The Shoppes at Market Pointe along 72nd Street in Papillion.

Sinful Burger has permanently closed at 14612 West Center Road in the Harvey Oaks Shopping Center.

The Old Market ranked No. 72 on DatingAdvice.com’s list of the top 150 most romantic alfresco dining spots in America for 2024, according to a survey of more than 3,000 food connoisseurs.

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-Based Coffee Chain Opens 800th Location in Kentucky

Omaha-based Scooter’s Coffee has announced its 800th location, which will open in Louisville, Ky.

“Today, here at Scooter’s Coffee, we are thrilled to celebrate the opening of our 800th location,” Joe Thornton, CEO of Scooter’s Coffee said. “With a system comprised primarily of franchise owners, it is exciting to see the brand grow and to see franchisees realize their dream of business ownership. As we now operate in 30 states, we look forward to having more people enjoy an amazing coffee experience with us.”

The 800th Scooter’s Coffee drive-thru location is locally owned and operated by Jamie Stapleton and Joshua Johnston. Under the company name iHeartCoffee, Stapleton and Johnston now own and operate eight Scooter’s Coffee locations in the Louisville metro area.

Founded in 1998 by Don and Linda Eckles in Bellevue, Scooter’s operates stores in 30 states and has aggressive growth plans. Scooter’s ranked #13 on Yelp’s 2023 list of 50 Most Loved Brands in the U.S. and ranked #2 on Franchise Times Fast & Serious 40 Smartest-Growing Franchises in 2024.

Earlier this week, Scooter’s announced it had signed a multi-year agreement to be the official coffee of Bowl Season, starting with the 2024-24 season. “Bowl Season” is both an entity/association and the name for a time of year – running from late December through New Year’s Day – when college football bowl games take place.

The Bowl Season sponsorship builds on Scooter’s existing sponsorship of the Frisco Bowl, which is played at Toyota Stadium in Frisco, Tex.

Isaiah Ang, Contributing Writer

The City of Omaha launched a new website for the public to participate in development of a new comprehensive master plan. The current plan was completed in 1997. Since then, Omaha has experienced significant population growth and transformative development. Based on current projections, the city’s population will grow more than 36 percent by 2050 to approximately 660,000 people.

Based on current development patterns, the city will also run out of undeveloped land. The new master plan will help guide future growth by setting city goals and priorities while determining zoning, code and land-use regulations that help meet them.

The Henry Doorly Zoo and Aquarium will reopen the Hubbard Orangutan Forest this Friday, June 14th, at 11 a.m. The reopening includes access to the elevator building, which takes guests to the renovated exhibit and Hubbard Gorilla Valley.

The City of Omaha made significant progress this week on a long-contemplated truck route through north Omaha. The City Council approved a contract with HDR to provide design services for Enterprise Park Road, which would extend from Locust Street to Ames Street. Additionally, the City Council approved a $2 million agreement acquire the property on which the new street will be built. That property is roughly bounded by 11th and 16th streets, east to west, and Locust and Cornish streets, south to north.

Bellevue’s expansive $60 million waterpark development officially announced its name. Bellevue Bay Indoor Waterpark will be a 100,000 sq. ft. facility open year-round, featuring a retractable roof, attached hotels and retail stores.

The Omaha City Council approved an amendment to the Dockless Shared Scooter Program that regulates electric scooter operators. The amendment expands operating hours to 24 hours a day. A representative from Lime, the only electric scooter operator in Omaha, testified that similar scheduling in cities like Chicago and Atlanta resulted in higher usage from off-hour workers. The amendment also permits group rides, where a single authorized user can rent four additional scooters.

The Nebraska Vietnam Veterans Memorial has opened at 11695 South 108th Street near Sumpter Amphitheater in Papillion. The memorial features a restored UH-1 Huey helicopter and is open to the public. Admission is free.

The Omaha City Council approved an agreement with the Nebraska Department of Transportation to establish a State Safety and Oversight program for the Omaha Streetcar project. The City will pay NDOT $108,830 to pay for independent consultants to establish the program. The state will not incur any costs. The Federal Transit Administration requires such programs to oversee safety on rail transit systems.

AARP will help fund implementation of the City of Omaha’s Vision Zero Plan. The city seeks to eliminate traffic deaths through infrastructure improvements and regulatory changes that increase traffic and pedestrian safety. The $22,000 grant will directly fund pedestrian improvements at intersections and bus stop areas near 24th & Oak Street and 24th & B Street. These intersections are frequented by the 50+ years old community. Improvements include installation of modular medians and construction of two ADA-compliant sidewalk ramps.

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.”

Nebraska has the least expensive coffee in America, according to a recent study by Toast, Inc., a restaurant software company with major operations in Omaha. During the first quarter of this year, Americans paid an average of $3.08 for a cup of regular coffee, $5.14 for cold brew and $5.46 for lattes. The price for a cup of coffee in Nebraska was just $2.12 – 31 percent below the national average. Hawaii had the most expensive coffee.

Sprinkk, a Nebraska-based candy maker, is planning a grand opening June 28th for two new facilities: a 3,700 sq. ft. research-and-development lab at 6686 South 118th Street in Omaha; and a 2,500 sq. ft., flexible contract manufacturing facility in Albion, Neb.

Berkshire Hathaway failed to get a lift from the sharp gain in Apple shares earlier this week as the stock of the iPhone maker surged 7.3 percent to a record close of $207.15 in a delayed reaction to news of its AI initiatives unveiled Monday, according to Barron’s. Omaha-based Berkshire owns about 6 percent of Apple.

Two HDR projects – Canadian Nuclear Laboratories “New Builds” and the Kiewit Luminarium – have been recognized in Architizer’s 12th Annual A+Awards. The Luminarium, located on Lewis & Clark Landing in Omaha, stood out for its “intuitive use of lighting and its outstanding facade.”

With only one month before the opening of the new Costco at 180th & West Maple Road, Douglas County Commissioners have unanimously approved plans to add more traffic signs in the area, according to WOWT. To help flow traffic better, the county is putting in “Stop” and “Keep right” signs at 177th, 178th, 179th, and 180th avenues along Emmet Street.

The Greater Omaha Chamber has chosen The Farnam Hotel Autograph Collection as its June 2024 business of the month. The locally owned, 120-room, boutique hotel is located inside the Landmark building at 13th & Farnam Street.

Sony Pictures has acquired Alamo Drafthouse Cinema, in a deal that puts a major Hollywood studio back in the business of owning a movie theater for the first time in more than 75 years, according to The Hollywood Reporter. Based in Austin, Tex., Alamo Drafthouse has 35 locations, including one at 12750 Westport Parkway in La Vista.

U.S. job growth came in higher than expected in May, jumping to 272,000, according to CNN, while the nation’s jobless rate rose a tenth of a percent, breaking a 27-month streak of sub-4 percent unemployment.

Omaha Real Estate Numbers for May

By Joe Finlay

Let’s take a look at how the residential market compares to previous years.

Existing Homes in Douglas and Sarpy County
The median sale price is $307,000, which is up about 4 percent compared to the same time period last year. It’s also up from last month. Typically, median sale prices peak in the summer months and drop slightly in the winter months.

We currently have about 1.4 months’ supply of homes for sale, which represents the most homes for sale since October 2019. Buyers have more choices, but we’re still in a seller’s market.

The number of closed sales for May was up more than 5 percent compared to last year.

New Construction Homes in Douglas and Sarpy County
The median sale price on new construction is about $420,000, which has remained somewhat steady for the past two years. We don’t see the seasonal peaks and valleys as much with new construction as with existing homes.

During the pandemic, the market experienced an all-time low availability of new construction homes, but now we’re at a 15-year high in terms of availability.

Construction time varies by builder, but some homes can be built in as little as 90 days. Some of the more customized homes can take more than a year.

Bottom Line
Even though inventory is rising, prices continue to rise. Buyers have acclimated to higher interest rates but also have more inventory from which to choose. Let’s connect and talk through your next real estate decision.

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

LEADERSHIP & MANAGEMENT

Businesses have been facing increased issues relating to everything from security and sustainability to generative A.I., according to Euronews. The rate of change affecting businesses rose by 33 percent last year alone and is expected to increase to an even greater extent in 2024.

A new study shows the business travel industry accounted for about 2 percent of total U.S. gross domestic product and 3.5 percent of total employment in 2002, according to Business Travel News.

The Fortune 500 list of America’s biggest companies is now in its 70th year. The 500 companies are ranked by annual revenue and together represent two-thirds of the U.S. Gross Domestic Product. Together, the companies amassed $18.8 trillion in revenue, $1.7 trillion in profits and $43 trillion in market value. The 500 companies employ 31 million people in total.

The United States added 500,000 new millionaires last year, according to CNBC. America’s millionaire population grew 7.3 percent in 2023 to 7.43 million people. Their combined fortunes grew to $26.1 trillion, up 7 percent from 2022.

SALES

Let’s say a dormant lead resurfaces. Here are a couple questions you could ask according to HubSpot: 1. “What’s changed in the past (period of time) that makes you want to consider this again?” 2. Has anything else pertaining to our deal changed since we last talked?”

Using Customer Relationship Management (CRM) software can boost sales by 29 percent and productivity by 34 percent, according to Salesforce.

WISDOM

“Sentimentality about an investment leads to a lack of discipline.” – Sam Zell

https://www.dundeebanking.com/

Did you know the National Municipal League named Omaha the number-one city in America back in 1957? The lofty ranking was based on business growth, cultural activities and “programs for the future.” (Source: Howard Hamilton)

Did you know the City Omaha has more Fortune 500 company headquarters than Kansas City, Philadelphia, Oklahoma City, San Antonio, Indianapolis, Salt Lake City, Des Moines, Sacramento, Las Vegas, Portland, Nashville, Memphis, Austin, Raleigh, Tampa, Jacksonville, Indianapolis, Miami, Detroit and Washington, D.C.? (Note: only central cities were included, not suburbs)

Did you know the Carnegie Foundation named the University of Nebraska at Omaha as one of the nation’s leaders in engagement and outreach?

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.

Wednesday Night Workouts recurring weekly on Wednesday until July 31st: The Wednesday Night Workout Series offers a free midweek outdoor workout, sponsored by Methodist Health System and led by licensed instructors from Genesis Health Clubs. Workout types vary from week-to-week, including favorites like Zumba, Pound and Mixxed Fit. Attendees are welcome and encouraged to bring a water bottle and blanket or mat. This event is free and open to the public!

Friday Night Concert Series recurring weekly on Fridays until August 30th: Enjoy live music on the plaza every Friday night, June to August from 7 to 8 p.m. Come early and have dinner on the patio from Pasta Amore, Pulled BBQ or Jaipur. Afterwards, enjoy a drink at Public House or Corkscrew Wine & Cheese. Bring a folding chair and listen to great live music from country to rock to soulful blues for free!

2024 Father’s Day Classic Car Show on June 15th & 16th: Join others at the SAC Aerospace Museum for a spectacular journey through time with the Father’s Day Classic Car Show Weekend on June 15th and 16th. This cherished annual event celebrates American automotive excellence, showcasing nearly 90 years of engineering marvels and innovative design. Bring your family out for a day of exploration of land and air engineering achievements!

3rd Annual Juneteenth Joyfest on June 15th: Join in on a day filled with music, food and celebration at 24th & Ohio Street following the annual Juneteenth Parade. This Arts and Culture Festival features local artists and Terrace Martin as the headliner uniting the community to commemorate Juneteenth and honor Black heritage. Enjoy live performances, delicious food vendors, Black Flea Market (curated by Melanin Market) and activities for all ages!

Tempo of Twilight Outdoor Concert Series featuring Taxi Driver on June 18th: There’s no better way to spend a summer evening than listening to live music in the garden. Lauritzen Gardens is hosting an outdoor concert series that brings a spectacular line-up of local entertainment to the garden for a harmonious blend of music and nature. Bring your chairs, food, drinks and friends for a relaxing night in the garden!

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This section is sponsored by Eagle Mortgage, a locally owned, full-service mortgage company helping you with Conventional, VA, FHA and USDA loans in both Nebraska and Iowa. Learn how Eagle Mortgage helps people afford the home of their dreams by clicking HERE!

The Council Bluffs Area Chamber of Commerce has hired Rachel Jensen as director of workforce development. A Council Bluffs native, Jensen most recently worked at Iowa Western Community College, where she served as director of continuing education and other positions.

Heidi Proskocil has joined TitleCore National as a licensed title producer and licensed abstractor. She has been in the title/escrow industry for 21 years and is a former president of the Nebraska Land Title Association, current member of the Abstracters Board of Examiners and former Nebraska Title Person of the Year. She is located in Ord, Neb. and primarily serves central Nebraska.

College of Saint Mary has announced that Tim Albers, who had been serving as interim vice president of enrollment, has joined the University as a full-time employee. Albers was the interim dean of admissions at Drake University from January to June 2023. He served as the vice provost of enrollment management at Saint Mary’s University of Minnesota from 2019 to 2022 and as vice provost and dean for enrollment management at Missouri University of Science and Technology from 2016 to 2019.

Jared Widseth, general counsel and corporate secretary for Omaha-based Milan Laser Hair Removal, received the 2024 OnCon Icon Award. Widseth was named among the Top 10 Corporate Counsels by OnConferences, a global community of top executives.

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.

There’s a commercial on CNBC touting life insurance for those over the age of 70. The pitch guy says that before purchasing life insurance you need to know the three P’s: Price, Price and Price. Translation: The only difference between our insurance and everybody else’s is PRICE!

The point I am making is that there are many factors that go into establishing a price, and a primary factor is the number and nature of participants involved in the process.

If you follow the line of reasoning set forth by Jim Cramer and his Wall Street lackies, the major participants involved in establishing stock prices all follow the same basic thought process. I.e., the price of a stock should reflect the financial value of the underly company. In reality there are some who follow Cramer and his world view, and there are a whole bunch who don’t. At the end of the day, the winner is determined by the Golden Rule: He who has the gold makes the rules.

A recent obituary in the Wall Street Journal provides some critical insight into this situation. The deceased was a gentleman name Jim Simmons. Simmons used computer algorithms to outperform the market in a manner that makes Warren Buffett look like a rookie. Simmons started his career as a mathematician. He had no financial or business background. He spent the better part of two decades as a math professor at MIT and Yale. In the early 1980’s, he took a flyer and started a trading company called Renaissance Technologies. It was one of the first Wall Street companies to take humans out of the equation and turn it over to computers using mathematical algorithms. Over the course of his professional career, Renaissance Technologies averaged 66 percent a year before fees. The after-fee return to his investors was 39 percent. The $64,000 question is, how did he get away with charging a 27 percent management fee?

Like all algorithm traders, Simmons’ algorithms are a big dark secret. More is known about the formula for Coca Cola than the way Simmons’ algorithms work. What we do know is that there’s some event that alerts their computers to either buy or sell short ginormous random buckets of stock. Then there’s an equally magic tripwire that cause their computers to reverse the initial course of action. Their typical holding period is less than two minutes. At the end of the day, the word “investor” is never used with Simmons. He simply was a market participant that used a unique methodology to capture investment returns.

The takeaway from all of this is that there are many participants in the market that impact the pricing mechanism. Internet Investors understand that the market is random. But in the long run, it has grown along with the economy. So, like Simmons, they focus on the haystack where all the needles are hiding.

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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.

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