Weekly Market Report

Nicole Buntgen, Contributing Writer

Izzy’s Pizza Bus is tentatively set to open its brick-and-mortar location at 522 South 24th Street on May 8th, pending health inspection results. The Detroit-style, mobile pizzeria originally launched in Las Vegas before making its way to Omaha in 2022. Izzy’s has seen great success and was featured on Food Network star Guy Fieri’s “Diners, Drive-Ins and Dives” television show last year.

Myrtle & Cypress, a coffeehouse and roaster at 517 North 33rd Street near Gifford Park, recently soft-opened its second location at 72nd & Cass Street with a limited menu. The coffee shop is known for its organic and locally sourced ingredients.

Texas Roadhouse will donate 100 percent of its profits made today (May 2nd) to support those impacted by the recent tornadoes in Nebraska and Iowa. Participating locations include Omaha, Papillon, Council Bluffs and Lincoln. Last year, the Papillion location raised more than $85,000 for local organizations and schools through fundraising opportunities.

Clio, the latest concept from Omaha-based Flagship Restaurant Group, plans to open soon in the former Wheatfield’s space at 1202 Howard Street in the Old Market. The restaurant is described as “A journey across the Atlantic that serves as a Mediterranean muse—a gathering place that combines worldly offerings of wine and mezze with the cozy feeling of sharing really good food with people.”

Von Maur is renovating it’s 3-level, 185,000 sq. ft. department store at Westroads Mall, part of a five-year, $100 million plan to renovate all the company’s stores, according to the Omaha World-Herald. The store will remain open during the project, which should be complete by Christmas. Davenport, Iowa-based Von Maur has 37 stores in 15 states.

Zenia Omaha, a new event venue, plans to open May 30th at 193rd & Harney Street in a new building just west of Avenue One. Zenia describes itself as “a warm, inviting place to create and celebrate your most important events” and offers an array of amenities for galas, weddings, trade shows and more.

Chili Dawg’s Foods of Fire has opened a new store at 11844 Standing Stone Drive in Gretna. Its Blair store closed April 20th. Chili Dawg’s sells salsas, pepper spreads, spices, rubs, sauces and marinades of varying heat.

The Corky Canvas Omaha, a paint-and-sip art studio, announced a new studio is coming to the metro. Currently located in Midtown Crossing, the studio has yet to formally announce its new location and opening date.

We have some clarification about The Jewell on Capitol, which we reported on last week. The jazz club, located inside the Marriott Hotel Capitol District, is reopening after closing last fall. The first day will be May 10th. The new venue will offer craft cocktails and not just jazz – other musical genres will be included.

Label Omaha has opened at 11046 Elm Street in Rockbrook Village. The store was formerly known as Pip } Ren and is described as “a premier destination for discerning women seeking sophisticated fashion and timeless elegance.”

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!

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Omaha Named Best City To Move To in 2024

Forbes HOME has named Omaha as the #1 Best City To Move To in 2024, awarding Nebraska’s largest city with a perfect 100 out of 100 score.

The rankings were determined after analyzing cities based on housing costs, cost of living, crime rates, air quality, quality of education, median income, employment rates, weather, entertainment establishments, average commute time and net migration to the city to determine which are the best cities to move to in 2024.

Here is what Forbes said about Omaha:

“According to our research, the overall best city to move to in 2024 is Omaha, Nebraska, which scored a perfect 100 out of 100 based on our point system.

Omaha has a reasonable median monthly housing cost of $1,188 and its residents have a median family income of $69,198. We loved that the city enjoys 117 sunny days a year and has an impressive 98% employment rate, emphasizing the city’s strong job market and abundant opportunities for those who value career advancement.

As far as safety is concerned, Omaha has a fairly low crime rate with only 40 out of 1,000 residents being impacted, showing the city’s commitment to keeping homes safe and secure.

Overall, Omaha is a great option if you’re looking for somewhere to move. While the city did see a net loss of around 5,000 residents from 2016 to 2020, it offers a solid combination of affordability, economic opportunity, enjoyable climate, employment opportunities and safety. This is why we chose it as the overall winner.”

Here’s the top 15 along with each city’s score:

1. Omaha, Nebraska (100)
2. Raleigh, North Carolina (83.12)
3. Oklahoma City, Oklahoma (80.25)
4. Wichita, Kansas (80.02)
5. Colorado Springs, Colorado (79.56)
6. Tulsa, Oklahoma (77.5)
7. Louisville, Kentucky (76.81)
8. Tucson, Arizona (76.35)
9. Virginia Beach, Virginia (75.09)
10. Columbus, Ohio (74.63)
11. Indianapolis, Indiana (72.79)
12. El Paso, Texas (72.45)
13. Mesa, Arizona (71.53)
14. Austin, Texas (67.85)
15. Albuquerque, New Mexico (63.49)

As part of the report, Forbes HOME published two related Top 15 lists. On the “Cities With the Best Quality of Life To Move To in 2024,” Omaha ranked #9. On the “Most Desirable Cities To Move To in 2024,” Omaha was #10.

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Isaiah Ang, Contributing Writer

Bank of America is planning to open a Midtown branch at an old KFC location at 4358 Dodge Street. The existing building will be demolished and replaced by a 4,275 sq. ft. branch building with two drive-thru ATM lanes. This will be Bank of America’s third location in Omaha; one is nearing completion at 13255 West Center Road. The first branch is open at 86th & West Dodge Road.

An indoor basketball and volleyball practice and training facility is planned for 5121 North 132nd Street, a 3-acre lot near the southeast corner of 132nd & Fort Street. The facility will be operated by the Nebraska Basketball Academy. It will total 12,119 sq. ft. and will have two full-sized courts and a 90-stall parking lot.

Skyline Manor, an assisted living facility at 7300 Graceland Drive, just west of 72nd Street and Military Avenue, is eyed for redevelopment as an apartment building. The 6-story building currently sits vacant, but plans call for 160 apartment units. Parking would be increased from 107 to 200 stalls.

The Omaha City Council approved a master development with the Omaha Housing Authority and Brinshore Development. The agreement outlines the roles of each entity in developing the housing component at the Southside Terrace redevelopment in South Omaha. The developer is expected to build approximately 740 new apartment units, replacing the existing 358. The total projected cost of the multi-phase redevelopment project is $275 million, with $50 million already awarded by the Department of Housing and Urban Development.

At the Gretna Area Chamber of Commerce’s State of the City event this morning, Gretna Mayor Mike Evans reported that 374 residential properties were completed in 2022. An additional 391 residential lots were permitted in 2023. As far as commercial projects are concerned, 67 properties were completed in 2022 while 57 projects were permitted in 2023.

A group of Dundee residents is working to establish a Creative Arts District in the Midtown neighborhood. If successful, the district would be designated by the Nebraska Arts Council for 2025, according to KMTV. The designation would “elevate visibility of local artists, inspire creativity and forge collaborative partnerships that amplify Dundee’s unique charm and cultural offerings.”

Joslyn Art Museum has officially begun rolling out its new brand: The Joslyn. The shortened name features three custom typeface variations to reflect the museum’s architecture and new color palette, evident through the revamped website. The long-awaited grand reopening is set for September 10th.

After 46 years, Septemberfest will not return in 2024, according to WOWT. The annual “salute to labor” still has bills to pay from last year’s carnival and entertainment event, which was hampered by unusually hot temperatures.

SHARE Omaha has compiled a list of ways to support tornado relief efforts and will regularly update details about tornado relief funds, ways to volunteer and donation items requested from its 600+ nonprofit partners. See the list HERE.

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The Berkies are coming. Berkshire Hathaway’s annual shareholders meeting takes place Saturday starting at 8:30 a.m. at CHI Health Center Omaha. In light of vice chairman Charlie Munger’s death last November, Buffett will be joined on stage by Greg Abel, vice chairman non-insurance operations and Ajit Jain, vice chairman insurance operations. CNBC will cover the event live.

ETS Performance has opened its first Nebraska location at 20109 Franklin Circle in the Elkhorn area. National Football League player Harrison Phillips is a partner in the new Omaha location. He currently plays for the Minnesota Vikings and is a graduate of Millard West High School. Minnesota-based ETS, provides athletic training for kids and has 35 locations in six Midwestern states.

Veridian Credit Union’s new Gretna branch is now open at 18909 Oakmont Dr., just southeast of the Hy-Vee store. The 3,623-square-foot new construction is Veridian’s seventh branch in the greater Omaha-Council Bluffs area and 33rd across Iowa, Minnesota and eastern Nebraska.

Werner Enterprises, Inc. reported results for the first quarter ended March 31st. Total revenues were $769.1 million, a decrease of $63.6 million compared to the prior year quarter, due to a $37.2 million, or 6 percent, decrease in Truckload Transportation Services revenues and a decline in 1Logistics revenues of $26.2 million, or 11 percent.

Valmont Industries, Inc. reported financial results for the first quarter ended March 30th. Net Sales decreased 8 percent to $1 billion compared to $1.1 billion in the first quarter of 2023.

AMCON Distributing Company, an Omaha-based convenience and foodservice distributor, has declared a quarterly cash dividend of $0.18 per common share. This cash dividend is payable on May 13th to shareholders of record as of May 3rd.

Center Street Dental has officially opened its doors in the newly constructed Center Street Medical office building at 11902 West Center Road, according to MCL Construction, which served as the building’s general contractor.

HDR’s Construction Management team helped deliver the initial segment of Sound Transit’s 2 Line began, which began operations April 27th. The $3.7 billion light-rail transit line improves connections between Seattle, Mercer Island, Bellevue and Redmond, Wash.

After two straight months of below growth neutral, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, climbed above the 50.0 growth neutral threshold for April. The index, which ranges from 0 to 100, increased to 52.5 last month from 49.6 in March.

U.S. consumer confidence fell in April to the lowest since mid-2022 as Americans’ views of the labor market and their outlook for the economy deteriorated, according to Bloomberg. The Conference Board’s gauge of sentiment decreased to 97 from 103.1 in March, the third straight decline.

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Spring Parade of Homes

By Joe Finlay

At a time when the existing home inventory remains low, the new construction market remains a sweet spot for buyers who may not want to compete. With more than six months of supply available in Douglas and Sarpy Counties, new construction buyers can enjoy taking their time finding the perfect home.

The Metro Area Builders Association Spring Parade of Homes will showcase 40 new homes across the metro this weekend priced from $300,000 to $3.5 million. New construction options will be on display in Papillion, Gretna, Elkhorn, Bennington and other areas for guests to tour.

The median sale price for a new construction home has hovered in the $430,000 range for the past year. The wait time from start to finish for a new home can range from 90 days to more than a year depending on the builder, price point and finishes a buyer selects. Many builders have homes ready to move in within 30 days.

The recent storm damage and clean-up effort may affect which homes are on display, but this weekend provides the perfect opportunity for the public to support the Omaha home builders.

Bottom Line

New construction remains a great option for buyers who do not want to compete for an existing home. Let’s connect to talk which new home style might be right for you.

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

LEADERSHIP & MANAGEMENT

A 2023 survey of 4,500 U.K. workers and managers, showed that one-fifth of managers doubt their leadership abilities, and more than half at least see room for growth, according to the Association for Talent Development.

The office has been the number-one place people make friends, surpassing school, church and neighborhood haunts, according to Fortune. But remote work is making it harder to build friendships with colleagues. In 2022, only 20 percent of people said they had a best friend at work, a 3 percent drop from 2019.

Work Romance – While there might be fewer best friends at work, office romances might actually be on the rise. Thirty-three percent of younger millennial and Gen Z workers said they would be open to a workplace romance, compared to older millennials (15%), Gen X (27%) and boomers (23%), according to Fortune. Seventeen percent of U.S. workers are currently dating a coworker, and 49 percent have had a crush on a coworker.

About 25 percent of U.S. adults over age 50 who are not yet retired say they expect to never retire, according to ABC News. A quarter of them have no retirement savings whatsoever.

Business Travel – U.S. airlines mishandled 2.8 million bags in 2023, according to The Hustle. The worst offender was American Airlines, accounting for 28.5 percent of them.

We appear to be in a “white collar recession,” according to Business Insider. For workers making $55,000 or less, hiring is still above pre-pandemic levels. For those who make more than $96,000, hiring is less than half the peak it reached in mid-2022. If you make a six-figure salary, it’s not a great time to be looking for a job.

SALES

Why do sales professionals often become “downgraded” in customers’ eyes? One reason is they don’t effectively work the top of the funnel; they’re not laser focused on creating new opportunities, according to author Mike Weinberg: “Many play at, or fake, prospecting. They live in reactive mode waiting for leads, opportunities to chase, or worse, customer service fires to extinguish.”

How can you tell when a prospect is lying? People look up to their left when thinking about the past and up to their right when thinking about the future. If you ask a person a question from their past and they look up to their right, they’re making up a response, says sales expert John Boe. Also, if a person’s words are incongruent with their body language, focus more on the body language.

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

“Innovation distinguishes between a leader and a follower.” – Steve Jobs

Did you know Vala’s Pumpkin Patch in Gretna is one of the top 10 agri-tourism attractions in the nation?

Did you know that Ames Avenue in Omaha is named for Oakes Ames, one of the early leaders of the Union Pacific Railroad? (source: historian Howard Hamilton).

Did you know the University of Nebraska at Omaha enrolls 15,328 total undergraduate and graduate students?

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The Omaha Farmers Market happening every Saturday: The Farmers market is back in Omaha! Stop by every Saturday in the Old Market for Omaha’s best selection of farm-fresh, local produce and other goodies. The Market is open rain or shine from 8 a.m. to 12:30 p.m., May 5 to October 13.

Derby Day at The Crescent Moon on May 4th: Get your derby hats ready and come join others at the Crescent Moon for the Kentucky Derby on Saturday, May 4th! You’ll be able to enjoy drinks and food specials in celebration throughout the day. Plus, you can draw a ticket for their main race contest, and if your horse wins, you get a $25 gift card!

Spring Bonsai Exhibition from May 3rd-5th: The Nebraska Bonsai Society is dedicated to advancing the art of bonsai throughout the state of Nebraska and surrounding areas. Their mission is to promote and inspire enjoyment in the study of bonsai through practice, education and camaraderie. Lauritzen Gardens is pleased to be hosting the club’s spring exhibition. Come out to experience the art of bonsai!

Junkstock 2024 Spring Edition from May 3rd-5th and 10th-12th: Omaha’s original vintage festival, Junkstock, features 200+ junk and vintage vendors and artisans from our own backyard and all over the country, live­ music, food trucks and a free Kids Village. Pet friendly. Children 12 & under are free! Junkstock is the place to be for vintage finds, unique antiques, handmade artisan food and goods, and one-of-a-kind repurposed relics. The three-day curated vintage, junk & artisan festival that celebrates all things rusty, dusty & timeless is at the charming, century-old Sycamore Farms.

Marigold Lunch & Learn | Live Selling & Online Marketplaces on May 12th: Lunch & Learn events bring together professionals, business owners and community members alike to grab a bite to eat and learn from industry experts. Join Elevator on the second Tuesday of every month to expand your knowledge of various business topics and grow your network + enjoy a FREE day of coworking! This event features Mansa Latham, discussing how to sell things on the online marketplace.

The NU Board of Regents officially selected Dr. Jeffrey Gold, current chancellor of the University of Nebraska Medical Center, to be president of the university system. His appointment begins July 1st. Gold will replace Ted Carter, who left to be president of Ohio State University.

Scoular has promoted Sandra Hulm to senior vice president, leading the company’s newly formed Renewables & Oilseeds Division. She currently serves as a vice president & general manager. In her new role, effective June 1st, Hulm will continue to lead Scoular’s Oilseed Processing business and Sunflower, Flax, & Bird Food businesses, in addition to Scoular’s Renewable Fuels and Feedstock businesses.

E & A Consulting Group has hired Jim O’Gorman as transportation & public works engineering technician, Timothy Dyck as platting services technician and Steve Ohlsen as land surveying surveyor.

Metonic Real Estate Solutions has hired Kayden Pearson as an asset management analyst. He has worked in the past as a commercial leasing agent, assistant property manager, and commercial real estate agent.

College of Saint Mary has promoted four faculty members to assistant dean positions. Jeff Keyte, associate professor of physician assistant studies, was promoted to assistant dean for graduate health and professional studies; Kristin Mattson, director of history and political sciences, was promoted to assistant dean of arts and humanities; Christi Glesmann, nurse administrator, was promoted to assistant dean for health sciences; and Amanda Roe, associate professor of biology, was promoted to assistant dean for sciences and professional studies.

The University of Nebraska Medical Center will honor three individuals with special awards at its May 4 commencement ceremony at Baxter Arena. Barry Gold, emeritus professor at the University of Pittsburgh, will receive an Honorary Doctorate of Science. Nebraskans Kent Lacey and Michael Sitorius will be honored with the J.G. Elliott Award for their significant contributions to medicine and health programs for the state of Nebraska.

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.

It is my sad duty to inform you that Wall Street is dead (or at least terminally ill).

On April 22, 2024, The Wall Street Journal stated that “JP Morgan’s closing of their branch at 45 Wall Street marks the end of Wall Street’s reign as the epicenter of the financial universe.”

Back in the day, Wall Street was all hustle and bustle. It was the home of the New York Stock Exchange. Its cavernous streets housed legacy investment firms such as JP Morgan, Goldman Sachs and the deceased Lehman Brothers. But, according to Peter Tuchman, the iconic, Einstein lookalike NYSE trader, “The legacy brokerage firms and their way of doing business, disappeared years ago.”

The demise of Wall Street began on May 1, 1975, when the U.S Securities and Exchange Commission opened commissions to negotiation. Wall Street’s decline accelerated on September 11, 2001, when terrorists attacked the world trade center, located about a mile away. It went into hospice during the COVID, when most of the nation was shut down, and never reemerged when the lookdowns were lifted.

But don’t despair. While the old Wall Street may be a thing of the past, a new one has appeared out of the ashes. In line with the internet world we live in, the stock exchanges have morphed into server farms scattered over all four corners of the country.

A new paradigm on how the stock market functions has emerged. The broker has been replaced by a robo account. Trades that once took an hour to complete involving an expensive licensed broker, are now completed in fractions of a second on a mobile phone. No broker or fee required.

Investment advice has become a commodity. Financial advisors make their living giving wealth management advice and throw in asset management for free.

In response to this, a new genre of investor has arisen. There are 70 million people who manage their own accounts using internet brokerage firms and index funds. They prefer mutual funds over individual stocks. Their current mutual fund stash exceeds $17 trillion or one-third of the total value of the U.S. stock market. The single largest mutual fund in the cosmos is a passive index fund worth more than one trillion dollars, and it outperforms 99 percent of its actively managed cousins.

Investing is not a one-size-fits-all proposition. While the WSJ has reported Wall Street’s passing, there are still those who remain loyal to its legacy firms and paradigm. Nothing wrong with that. I wish them well. To the rest of you, welcome to the wonderful world of internet investing.

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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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