Weekly Market Report – March 23, 2023

Mar 23, 2023 | 0 comments

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Grow Omaha is proud to deliver this market report to you each week. This would not be possible without the support of our sponsor, NAI NP Dodge!

Restaurant & Retail Updates

Oklahoma Joe’s BBQ plans to open a second Omaha location in either May or June in a former Greenbelly restaurant space on the southeast corner of 204th & Pacific Street. Oklahoma Joe’s existing location is in Aksarben Village.

Muchachos, the popular New Mexico-inspired barbeque restaurant from Lincoln, is getting closer to opening its Omaha location at 1258 South 13th Street in Little Bohemia. As far as an opening date, owner Nick Maestas said, “Shooting for the first week of April!”

La Isla Restaurant has opened at 4835 South 24th Street in South Omaha. The restaurant specializes in “Nayarit” style Mexican seafood. Nayarit is a small state on the Pacific coast in western Mexico northwest of the Guadalajara area. The restaurant has existing locations in South Sioux City, Neb. and Storm Lake, Iowa.

Two new bars are coming to the Capitol District near 10th & Capitol Avenue downtown. The yet-to-be-announced bars – from Iowa City and Des Moines, Iowa – will occupy a combined 7,500 sq. ft. in the same building as Texas de Brazil. One is a martini bar and the other will be music themed. Interior build-out will start soon. On the opposite end of that building, construction is well underway on Let It Fly, a sports bar from Sioux Falls, S.D.

Speaking of the Capitol District, Frank’s Pizzeria is planning to open in the former Lighthouse Pizza space this spring. We recently announced that Frank’s is also expanding to Nebraska Crossing in Gretna. Frank’s has existing locations at 132nd & West Dodge Road and in Ralston.

The owners of Twisted Cork Bistro and Pacific Eating House in west Omaha are planning to open a new concept, Pine and Black Bistro, in Papillion around April 1st, according to the Omaha World-Herald. The new restaurant will be located at 248 Olson Drive in a space formerly occupied by Wild Rice Sushi and Karma Sushi.

Wine Beer and Spirits officially opened its Old Market location earlier this week in a 6,500 sq. ft. space at 11th & Jones Street. The original store is located near Oak View Mall.

Rexius Nutrition has leased 1,800 sq. ft. at 8410 Q Street, according to Gary Petersen of NAI NP Dodge, who represented the landlord. Omaha-based Rexius now has 21 locations in seven states.

Brought to you by:

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

The Big Story

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Omaha Zoo Racks Up Multiple Victories

Omaha’s Henry Doorly Zoo and Aquarium is on a roll with national recognition and high-profile baby animal births.

USA TODAY 10Best Readers’ Choice Awards selected the Omaha zoo as the best zoo in the nation. But that was just one of three USA TODAY 10Best Readers’ Choice Awards the organization received. The zoo’s Asian Highlands attraction was named the nation’s best zoo exhibit. The affiliated Lee G. Simmons Wildlife Safari Park in Ashland was voted best safari park in America

The Omaha zoo was voted second best zoo last year. This is the fourth year in a row that Asian Highlands has won best zoo exhibit. The Wildlife Safari Park has won first place for three years in a row.

“We are beyond proud that Omaha’s Henry Doorly Zoo and Aquarium has reached the number one position in the 10Best Readers’ Choice Awards,” said Dr. Luis Padilla, president and CEO. “We launched a grassroots effort asking our zoo community to show their pride by voting. We are overwhelmed by the response and accolades. Thank you for making us the #1 Zoo, #1 Zoo Exhibit AND #1 Safari Park!

“We especially want to thank our hard-working zoo staff and community. We are number 1 with – and because – of all of you!”

Meanwhile, the zoo continues to celebrate the arrival of some high-profile baby animals.

A female giraffe calf was born at 12:40 a.m. this past Sunday. She successfully stood for the first time at 1:30 a.m., weighed 108 pounds and was measured at 5 feet, 7 inches tall. Her mother is Zola, an 8-year-old Giraffe. The father is Jawara, who is 14 years old.

The new giraffe arrived just a couple weeks after a male African elephant calf was born. He was the third elephant calf born at the Omaha zoo since January of 2022, which represents the majority of African elephant births during that time in the United States. Yet another Omaha elephant calf is expected to be born late this summer.

This section is sponsored by RENZE. For over 128 years, we have been providing our clients with innovative solutions for interior corporate and retail branding, as well as unique exhibits and graphics for tradeshows and events. With leading-edge equipment and quality craftspeople working out of our 90,000 sq. ft. facility, we partner with you to help create your vision. Check out our recent branding of Toast’s Aksarben location HERE!

Grow Omaha Snippets

Grow Omaha Snippets Sponsored by:

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State of the City – In her annual address to the Omaha City Council this week, Mayor Jean Stothert said, “In May, we will see the design for the Civic Auditorium development on the planning board agenda.” The mayor also shared an interesting statistic from her time in office so far — From June of 2013 through the end of last year, the City of Omaha had issued more than 165,000 building permits for a total value of $9.5 billion.

Kids Can Community Center is hosting a ribbon cutting ceremony Monday, March 27th for its new building at 4768 Q Street. The new facility doubles the square footage and increases capacity to 237 children. The organization’s mission is to educate, engage, and inspire children through early childhood education and out-of-school experiences. Kids Can was founded in 1908 as Social Settlement Association.

Construction is coming along on a Swimtastic Swim School building on the east side of 192nd street just south of West Maple Road. Opening is scheduled for later this spring. Swimtastic has three existing metro area locations. The company has 14 locations in Nebraska, Wisconsin and Florida

The former Leopard Lanes at 601 Chateau Drive in Bellevue has new ownership and is under renovation, according to The Bellevue Times. When the facility re-opens in early June, it will be called “The Alley” and will have 32 bowling lanes and a Frank’s Pizzeria location inside.

The Air Force held a ribbon cutting last month for the newly refurbished Allman Maintenance Facility at Offutt Air Force Base, according to the Omaha World-Herald. That’s where the 595th Aircraft Maintenance Squadron works on the E-48 Nightwatch airborne command-and-control jets. The two-year, $27 million renovation project was necessary after the previous facility was damaged by flooding in 2019.

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.”

Business News

Local Business News Sponsored by FranNet of The Heartland:

Applied Underwriters of Omaha has signed a long-term accord with Concirrus, a London based technology firm, for the development and provision of multiple product lines of technology-driven solutions to insurers, reinsurers and other risk-based entities across the globe, according to a press release. The companies will leverage their respective technology innovations including Applied Underwriters’ trove of patents and data processing advances and Concirrus’ market-leading analytics platform. The combination will deliver a market advantage to Applied Underwriters and also allow Concirrus to expand its solutions to a wider range of clients and product lines.

Baird Holm LLP and the Greater Omaha Chamber have announced the 2023 Best Places to Work in Omaha winners. Companies with 25 to 200 employees: 1. GetMed Staffing Inc.; 2. Uniti Med; 3. CrossMed Healthcare; 4. Supportworks, Inc.; 5. JE Dunn. Companies with more than 200 employees: 1. LRS Healthcare; 2. FNIC; 3. Prime Time Healthcare; 4. Signature Performance, Inc.; 5. Carson Group. Midlands Choice, Inc. won the Sustained Excellence Award, which goes to organizations that have repeatedly ranked high.

Union Pacific Corporation will release first quarter 2023 financial and operating results on Thursday, April 20th at 6:45 a.m. CDT. The company’s management team will host a conference call and live webcast at 7:45 a.m. CDT.

We Rock The Spectrum Kids Gym, a new 10,000 sq. ft. sensory gym for kids of all ages and abilities, is coming to 10717 Virginia Plaza in La Vista. Grand opening is scheduled for April 8th. We Rock The Spectrum offers over a dozen pieces of specialized equipment plus trampolines, rock wall, zip lines, toddler area, therapy rooms, a calming room, party room, cafe and retail spaces.

Wholestone Farms is renovating and expanding its pork processing plant at 900 South Platte Avenue in Fremont, according to the Omaha World-Herald, adding a second shift and doubling its capacity to 5.6 million pigs per year. The plant employs 1,300 workers and is expected to add 800 to 1,000 more when the expansion is complete.

Valmont Industries, Inc. will host Investor Day at The New York Stock Exchange May 23rd in New York City. The event will be held virtually and in-person. Valmont executives will provide an in-depth overview of the company and business segments, including growth strategies, capital allocation priorities and financial objectives. A live webcast will begin at 8:00 a.m. CDT. Virtual registration can be accessed from the Valmont 2023 Investor Day website. A replay of the webcast will be accessible shortly after the conclusion of the event.

Dollar Tree can’t afford to sell eggs anymore and has pulled them from its 9,000 U.S. store locations, according to CNN Business. The Virginia-based retailer sells most products for $1.25. Egg prices jumped 38% for producers annually in February and 55% for shoppers. A dozen Grade-A large eggs cost $4.21 in February, a little too high for Dollar Tree’s comfort level.

Book stores are making a comeback, according The Hustle, as Barnes & Noble expects to open 30 new stores this year. Book sales rebounded post-pandemic, with U.S. publishers reeling in $29.3 billion in 2021.

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!”

Grow Omaha Residential

Home Prices are Down Nationally but Up in Omaha

By Joe Finlay

The Wall Street Journal reported on Tuesday that home prices fell in nationally February for the first time in 11 years. The report, which measured existing home sales, also showed the number of homes sold was down from a year earlier.

It’s a different story in Omaha where home prices increased 8.8 percent from February 2022 to February 2023. However, the number of homes sold is more in line with the national average, declining about 17 percent.

The national slowdown has been most pronounced in the West, especially in San Francisco and Boise, Idaho where home prices skyrocketed during the pandemic. Prices in the West and Northeast fell from a year earlier while they rose year-over-year in the Midwest and South.

Mortgage Rate Effect on Buyers

Mortgage rates have certainly played a role in the national slowdown. The rate increases last fall slowed the buyer demand even in Omaha. According to Freddie Mac, the 52-week average rate is 5.91 percent for a 30-year fixed rate mortgage. The current rate is hovering around 6.6 percent.

Now that buyers in Omaha are expecting a higher rate than last spring, they realize they may not be able to afford as much of a house this year. That hasn’t stopped them from being competitive; we are still seeing many houses sell for over list price due to the low inventory.

Banking Instability

The effects of the recent bank failures remain to be seen in the housing market. The pricing statistics do not reflect the collapse of Silicon Valley Bank or the instability in the financial system. Homes typically go under contract a month or two before the contract closes, so the February sales data reflects purchase decisions made in December and January.

Bottom Line

Prices in Omaha are up. The number of homes for sale in Omaha is down. Buyers are ready to buy and interest rates are in line with the national average. Let’s connect and talk through the value of your home and discuss if now is the right time to sell.

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

Grow Omaha University

Leadership & Sales Insights for Ambitious People

Compiled by Grow Omaha co-founJeff Bealsder and sales trainer 

Sponsored by MyStaff, Inc.

LEADERSHIP & MANAGEMENT

The average adult makes about 35,000 remotely conscious decisions each day, according to Inc. magazine. No wonder why you’re worn out at the end of the day!

Before Covid-19, an estimated 4.6 million people, or 3.1% of the U.S. workforce, were super commuters (meaning they commuted 90 minutes or more to their jobs), according to The Wall Street Journal. That number fell to 3.1 million, or 2.4%, while many workers were still working remotely in 2021, the most recent year data is available.

According to business strategist Abhi Golhar, here are some ways you can increase your emotional intelligence:

  1. Use an assertive communication style, not a passive or aggressive one. It’s okay to be in charge of a conversation while still being respectful.
  2. Respond instead of reacting to conflict. Remain calm and use reason and logic more than raw negative emotions.
  3. Use active listening skills. Be fully present in a conversation.
  4. Be self motivated and set goals.
  5. Practice ways to maintain a positive attitude and understand how your moods affect people.
  6. Practice self awareness. Pay attention to your emotions and how they’re perceived by others.
  7. Take criticism well and not in a defensive manner.
  8. Empathize with other people.
  9. Constantly improve your leadership skills.
  10. Be approachable and sociable.

SALES

Sales pros who actively seek out and exploit referrals earn four to five times more than those who don’t.

When you read a book or attend a seminar, the objective isn’t to find a revolutionary sales approach that will change your life, says Lee Salz, author of Sales Differentiation. Your goal should be to find techniques and strategies which move the needle for you. “Incremental improvements in each step of your selling process have a magical impact on your sales results. There are plenty of those opportunities to be found. Be insatiable in the search for those.”

The Greater Omaha Chamber is presenting a “Sales Workshop with Jeff Beals” on April 25th at the Jewish Community Center of Omaha. This half-day program is designed to help sales pros find better prospects, land more deals and capture greater market share. For more information or to register, click HERE!

WISDOM

“You manage things; you lead people.” – Grace Murray Hopper

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

Upcoming Events in the Metro

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Nebraska All Star Comedy on March 24th: Get ready to laugh out loud with Omaha’s funniest local comics! Join others this Friday at the Blackstone Theater for a night of non-stop laughter hosted by the hilarious Jaren Dorsey. Don’t miss the BEST stand-up comedy showcase in town!

Unlock Midtown from March 24th – 26th: Get ready to unlock a world of mystery and fun with your family and friends! Midtown Crossing is hosting Unlock Midtown, a one-of-a-kind challenge and adventure through the Midtown Crossing area. Follow the clues and solve the puzzles at participating retailers to win a Midtown Crossing prize package!

Locked Zoo: Cryptic Cats on March 25th: In this digital puzzle experience, players will work in small teams to solve clues and unlock the mystery of Omaha’s Henry Doorly Zoo & Aquarium. Can you escape? This month’s theme: Cryptic Cats. Nature’s biggest cats use strength, speed, and smarts to survive in the wild. During a 2-hour window, players will do the same as they prowl through select zoo exhibits, solving cat-themed puzzles. Now for all ages! From date night to family game night, this unique experience is only offered at the zoo.

Singles Arcade Speed Mixer on March 29th: Smitten Singles is hosting another mixer for the singles! At the event, you will be paired with 1 or 2 other people for a period of 10 minutes to mingle or play arcade games. The purpose of this event is friend-building. Age and gender will not be considered in the matching. Space is limited, so make sure to register today and join the network of singles!

Paint & Sip Workshop at Dry Spokes on March 30th: Unleash your inner artist with J.Diane Creations! Come out for a unique evening of painting and crafting cocktails at Omaha’s trendy dry cocktail lounge. Whether you’re an experienced painter or just starting out, Jennifer Young will guide you through the process of creating a stunning masterpiece. And the best part? Your ticket includes a craft cocktail to sip and savor while you paint the night away!

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.

People in the News

Sponsored by Baird Holm Attorneys at Law

a beautiful blue and white house with a green lawn
digital rendering of Flatiron District project buildings

The Omaha Municipal Land Bank has hired Leslie Smith as its new executive director. She joins the land bank from Memphis, Tenn. where she helped launch Blight Authority Memphis, Inc. in 2019, a quasi-governmental nonprofit which became a full-scale operational landbank serving the city of Memphis. The Omaha Municipal Land Bank is “a catalyst for transforming distressed properties into community assets by acquiring vacant, abandoned or dilapidated properties to transform them into positive neighborhood assets.” It is the only organization of its kind in Nebraska.

Clarkson College has appointed Dr. Andreia Nebel as president starting May 1st. She has been with the college for 20 years, most recently as vice president of academic affairs. Located at 42nd & Dodge Street, Clarkson College is a private, non-profit healthcare educational institution founded in 1888.

Julia Hoult, senior director of logistics at Omaha-based Werner Enterprises, was selected as a Supply & Demand Chain Executive’s 2023 Pros to Know award recipient. This annual award recognizes outstanding leaders whose accomplishments offer a roadmap for others looking to leverage the supply chain for competitive advantage. Hoult has been with Werner for 18 years.

McCarty Building Companies has promoted Jim Francois to project director. He will lead onsite construction teams on healthcare, education, science and technology building projects.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

Wall Street: The Week in Review

with George Morgan

The author is founder of Morgan Investor Education of Omaha.

Sponsored by Baird Holm Attorneys at Law

Views and opinions expressed herein are solely those of the author.

In the immortal words of Yogi Berra, “Its de ja vu all over again. This is my umpteenth trip down the bank-crisis lane. It wasn’t a crisis until President Biden came on TV and said we have nothing to worry about.

I am amazed at how the politicos and media took a tadpole and turned it into Moby Dick. Yesterday, I got an e-mail from my insurance company that said they were sound and have this bank thing under control. That’s from my insurance company.

The good news is that the bank crisis gives us a break from drivel about Prince Harry and what’s her name?

The problem with Silicon Valley Bank was they did what the regulators told them to do. They had a board that said all the politically correct things. They had a bunch of – according to the regulators – super safe AAA-rated treasury bonds. And they were lending money to some early-stage wind farm companies. They were helping build wind farms while Warren Buffett invested $50 billion in a petroleum company.

Then, when the peanut butter hit the fan, the Biden Administration rode in on a prancing white steed and said, “We’ll save the world from the big bad capitalists.”

Some people, who understand how capitalism should work, gave us a different perspective. Kevin O’Leary, who is one of the sharks on Shark Tank, had a bunch of money in the Silicon Valley Bank. When asked about it by CNBC, he looked into the camera, straight in the eye, and said, “I did a stupid thing. I should lose my money.”

When the government comes along and says they’ll take care of you, it invites people to do dumb things. Charlie Munger’s pithy comment is also worth repeating: “bailing out capitalists’ mistakes is like a religion with no hell.”

Speaking of indexes. When I use my perspicacious phrase, “Forget the needle, buy the haystack,” I’m talking about index funds. But, in my daily meanderings, I realize how many people are smart-but-not-informed about how indexes are constructed. Un-informed is different from misinformed or stupid.

As we flashed through the latest banking schlimazel, I would like to point out to you the relative performance of the three major indexes. The broad S&P and the stalwart Dow performed the worst; the wild and crazy NASDAQ did the best.

Why you ask?? Because the Dow is only 30 stocks and three of them are big money center banks that have been all over the board this last week. The Nasdaq 100 excludes all financial companies, including banks and insurance companies. The S&P 500 includes the big banks but there are another 490 companies in there that mitigated the swings in the big banks. Moral of the story: Don’t put all your eggs into one haystack.

NAI NP Dodge News Update

Voyage Health has leased Suite 470 at 11404 W Dodge Road. Deb Graeve-Morrison represented the landlord and Spencer Morrissey represented both parties in the lease of this 2,758 sq. ft. office space.

Have You Watched Grow O on Video Yet?

Jeff Beals, Trenton Magid and a guest in the KFAB 1110 Radio Booth

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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