Previous Market Reports:
Weekly Market Report – September 15, 2022
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Restaurant & Retail Updates
Stories Coffee Company will open a new location in the former Culprit Café at 3201 Farnam Street in Midtown Crossing in late October. The space has a full kitchen, allowing Stories to make more products in house. Stories opened a Gretna store within the past two weeks. The original location is at 114th & Davenport Street.
Wienerschnitzel is coming to Nebraska. Rachel Steier of Omaha has purchased exclusive rights to open the brand in Omaha and is looking for a site. California-based Wienerschnitzel was founded in 1961 and is the world’s largest hotdog chain with 358 locations in 10 states. The closest existing locations are in Colorado Springs, Colo. and Champaign, Ill.
One of Omaha’s most popular Indian restaurants is moving! At the end of October, Kinaara will relocate from 13816 P Street to Regency Shopping Center. Ashish and Kimberly Sathyan opened Kinaara three years ago. The menu features authentic cuisine from all parts of the Indian subcontinent.
Barreras Family Market will open soon at 14449 F Street and will be “Omaha’s first-ever farm-to-table market.” The business will support local farmers, promote sustainable agriculture and offer seasonal produce, meats, dairy, and value-added products. The grand opening will be Saturday, September 17th from 11 a.m. to 7 p.m.
After being closed for an extended period, the Village Inn at 3839 North 138th Street has been remodeled and is now back open for business. Hours are 7 a.m. to 3 p.m. daily.
The Sarpy County Chamber is celebrating two new Papillion restaurants. Poppin’ Smoke Southern Grill’s ribbon cutting will be October 13th at 3:30 p.m. at 230 West Lincoln Street. TALUS Spirits & Sustenance will celebrate its ribbon cutting October 18th at 4 p.m. at 10914 Cumberland Drive. Both restaurants are already open to the public.
ACE Hardware is opening soon in a former grocery store building on the southeast corner of Enterprise Drive & Highway 370 in Gretna.
Pet Supplies Plus has announced the opening dates of its new store in Baker Square, southwest of 132nd & West Center Road. The soft opening is September 23rd. The grand opening celebration will be October 15th and 16th. The Michigan-based retailer has 560 stores, including one at 9725 M Street.
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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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A Look at Metro Area Construction
Our newest edition of the Grow Omaha Construction Update video, produced by Brad Williams, is now available on our website or by clicking HERE.
Grow Omaha’s construction videos are full of footage and information about local developments. This latest episode features 14 projects ranging from downtown to Elkhorn to La Vista. This week’s Big Story highlights just some of the projects you’ll see in the video.
The future Steelhouse Omaha live performance venue is now enclosed, and work is ongoing inside at 11th & Dodge Street downtown. Opening is scheduled for May 11, 2023.
Dirt work is underway on the Elmwood townhomes at 54th and Leavenworth Street. When complete, this development will have 19 rowhouse-style townhomes.
The Moxy Hotel by Marriott at 12th & Harney in the Old Market has reached full height and is mostly enclosed. Substantial interior construction work remains to be completed. The 6-story building is located where the iconic Old Market diner once sat. It’s a very small site, so guest parking will be available in the parking garage across the street.
Apartment buildings are rising on the east side of 120th Street between Fort Street and West Maple Road. The Roanoke development will have 240 apartment units in six buildings.
Omaha has a couple more Casey’s gas stations on the way. One is going up on the northeast corner of 144th & Fort Street. There’s a nearly completed Casey’s on the west side of 204th Street just south of West Center Road.
Two major projects are under development along 192nd Street between Pacific Street and West Dodge Road. The first one is a senior living development called Agemark by Baxter. It will have 70 independent units, 54 assisted-living units and 32 memory-care units. Part of the complex will be called “town center” with dining, entertainment facilities and activity spaces. Directly across the street to the east, is The Loge, a 248-unit apartment complex with several 2- and 3-story buildings. Grading is underway.
On the south side of 178th and Pacific Street, construction is just starting to go vertical on the LIV 178 apartments. The complex will have four buildings with a total of 96 units.
Construction is going vertical on a Porsche dealership, next to the Pinnacle Bank headquarters on the northwest corner of 180 & West Dodge Road. When complete, this building will replace the Porsche dealership at 66th & L Street.
Finally, the long-anticipated Nebraska Multi-Sports complex is making huge strides in the Southport East area of La Vista. Turf has been installed on the first few fields. This complex is estimated to bring in 32,000 out-of-town visitors per year, who will spend $9.9 million. Opening date is yet to be announced.
This section is sponsored by TR Construction. With over 25 years of commercial concrete construction experience, TR Construction has expertise with projects large and small to include commercial building concrete, footings, paving, remove and replacement of concrete, industrial projects, and special projects for clients. TR Construction can deliver Concrete Excellence on your next project. Learn more HERE!
Grow Omaha Snippets
Grow Omaha Snippets Sponsored by:
McNeil Company plans to develop The Rose Garden Apartments on two vacant lots on the northwest and southwest corners of 168th & Shirley Street. The complex would have 194 units in six buildings ranging from three to five stories tall. Construction is scheduled to begin next year.
Construction is progressing on a second commercial strip at 189th & Harrison Street in the Sugar Creek subdivision. The first building is fully occupied and is home to Dogtopia dog daycare and REF’s Sports Bar & Grill. The 10,700 sq. ft. second building is mostly enclosed and will be ready for interior build-outs in November. The new building has a drive-thru on the west endcap space. No tenants have been announced at this time.
Sales are brisk at Dewey Row Gold Coast, a Noddle Companies row-house development on the southeast corner of 38th Avenue & Dewey Avenue in the Blackstone District. Only two of six units remain available. Each unit is three levels with three bedrooms and 3.5 bathrooms, including upper-level, outdoor decks. The rowhomes range from 2,570 sq. ft. to 2,940 sq. ft.
Construction has started on Tidal Wave Auto Spa, a membership car wash north of an existing Holiday Inn Express hotel in Gretna’s Wick’s Southpoint development (southwest of Interstate 80 and Highway 370. Georgia-based Tidal Wave has four existing metro area locations.
Parking at Eppley Airport is getting tight because of high demand and construction in the south parking garage. In a public notice yesterday, the Omaha Airport Authority encouraged travelers to use the South Economy Lot and take a shuttle to the terminal.
A $25 million residential youth treatment center rising in north Omaha aims to fill a service gap that has had courts and families sending some troubled teens off to other states to get help, according to Nebraska Examiner. The new Radius nonprofit will feature a 24-bedroom facility for residents ages 12 to 18 years, along with behavioral, recreational and education programs and a stand-alone health clinic open to families and community. Radius is scheduled to open next summer at 50th & Grand Avenue.
The University of Nebraska Medical Center’s College of Nursing’s Bachelor of Science in Nursing Program was ranked 15th out of 681 nursing programs by U.S. News & World report last week. The magazine released the rankings as part of its 2022-23 Best Colleges report.
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.”
Eagle Mortgage Home Loan Services
Eagle Mortgage is a locally owned, full-service mortgage company helping you with Conventional, VA, FHA and USDA loans in both Nebraska & Iowa, including the Omaha-Council Bluffs area.
Whether you are buying a home or looking to refinance an existing loan, Eagle Mortgage can help you realize your dream of homeownership or help you save money by obtaining a lower monthly payment. Eagle has plenty of experience with first-time home buyers too.
Learn more HERE!
Local Business News Sponsored by FranNet of The Heartland:
Real Estate News from CoStar – The nation’s industrial real estate market is headed toward the closing months of 2022 with strong demand overcoming uncertainty about the course of the global economy.
Leasing of logistics, manufacturing and warehouse properties has been hitting records during the third quarter as businesses and investors also build and buy industrial properties at near-record levels, analysts and brokers told CoStar News. That comes as they describe heading into a fourth quarter beset by uncertainty as the prospect of a recession looms, interest rates are expected to bump up further and the pandemic grinds on. READ MORE
Scoular, an Omaha-based global logistics and supply chain company, has launched a new name for its freight forwarding business: Scoular Global Shipping. Scoular has operated a freight forwarding business, previously known as TSC Container Freight, for over two decades.
The Creighton University Rural Mainstreet Index fell for the fifth straight month, sinking below growth neutral for a fourth consecutive month, according to the monthly survey of bank CEOs in rural areas in our 10-state region. The region’s overall reading for September was 46.3, but it was up from 44.0 in August. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral. Four of 10 bankers said high and escalating farm input costs were the greatest economic challenge over the next 12 months.
Merrill Lynch is expanding its office space by an additional 2,944 sq. ft. in the 4-story Dodge Plaza building at 13321 California Street, according to Chris Falcone and Debra Graeve-Morrison on NAI NP Dodge, who represented the landlord.
The consumer price index rose month over month in August even as gas prices eased, according to CNBC. The index gained 0.1 percent for the month and was up 8.3 percent year over year. Core CPI, which strips out volatile food and energy costs, rose 0.6% from July and 6.3% year over year.
The AIM Institute completed its second collaborative “Callers to Coders” initiative with Physicians Mutual this summer, graduating six employees following the completion of a multi-week, on-the-job training program. The participants upgraded their tech skills and used their new knowledge to propose practical solutions and insightful innovations to improve company efficiencies. The graduates participated in two four-hour sessions each week while on the clock, allowing Physicians Mutual to bolster the skills of its workforce without requiring late-night or weekend classes for specialized training.
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
Is the Real Estate Market Slowing Down, or Is This a Housing Bubble
By Joe Finlay
The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down or is a crash happening?
To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year.
The Reality of the Shift in Today’s Housing Market
The reality is we’re seeing an inflection point in housing supply and demand. According to realtor.com, active listings have increased more than 26% over the last year, while showings have decreased almost 17% from last year. This is an inflection point for housing because, over the past two years, we’ve seen a massive amount of demand and not enough homes available for sale for the number of people that wanted to buy. That caused the market frenzy.
Today, supply and demand look very different, and the market is slowing down from the pace we’ve seen. This offers proof of the sudden slowdown that so many people are feeling.
What Experts Are Saying About Home Prices in the Coming Year
Right now, most experts are forecasting home price appreciation in 2023, but at a much slower pace than the last two years. The average is for national home prices to appreciate by 2.5% in the coming year.
The real estate market is slowing down, and that’s causing many to fear we’re in a housing bubble. What we’ve experienced in the housing market over the past two years were historic levels of demand and constrained supply. That led to homes going up in value at a record pace. While some overheated markets may experience price depreciation in the short term, according to experts, the national real estate market will appreciate in the coming year.
Are you wondering how the Omaha market will compare? Let’s connect.
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
Sponsored by MyStaff, Inc.
Compiled by Grow Omaha co-founJeff Bealsder and sales trainer
Leadership & Management
One of the best things you can do to boost your long-term success is join a mastermind group. The mastermind group concept was invented 85 years ago by Napoleon Hill, author of Think and Grow Rich.
After studying the habits of exceptional people, Hill developed 13 achievement philosophies that lead to success. One of those philosophies was called, “The Power of Master Mind.”
A mastermind is a group of professionals, usually about eight to 15 of them, who meet on a regular basis to help each other be more successful in a confidential setting. Leadership can be lonely, because there simply aren’t a lot of places you can seek guidance inside your organization without compromising confidential information or admitting your personal weaknesses.
“The Mastermind principle consists of an alliance of two or more minds working in perfect harmony for the attainment of a common definite objective,” Hill wrote. “Success does not come without the cooperation of others.”
If you join a mastermind group, you need to participate actively and enthusiastically to get the most value out of it. Here are eight reasons why joining a mastermind could be beneficial for a leader like you:
- You’re no longer on your own; you have a “bench” of advisers.
- You gain transferable knowledge.
- You constantly learn new things
- You develop better habits.
- You benefit from a “personal board of directors.”
- You might find new clients.
- You become more confident.
- You have people to hold you accountable.
Where do you find a mastermind group? There are leadership training and development companies that have created them and offer membership to qualified leaders. Other people start their own by identifying the types of people they want in the group and then going out and recruiting them.
Long-standing relationships are difficult to break. That’s why those relationships are so valuable. It’s hard to crack the bond your competitors have with their existing clients no matter how awesome your company is and how talented you are as a sales pro, or even how charismatic and good-looking you might be
But it’s not impossible. You can find a wealth of opportunity by mining your competitors’ clients.
Are you curious why?
Because it is not uncommon that your prospects are unhappy with their current provider. If you can show your prospects a better and simpler future, with less chaos and drama, you’ll be able to pick off new clients.
Perhaps the most important piece of advice is to be in the fight for the long haul. If you walk away immediately upon hearing that a prospective client already has a relationship with one of your competitors, you’re giving up too quickly. Perhaps you could start a nurturing campaign in which you send compelling, value-laden emails to the prospect thus building a relationship slowly over time. You could periodically send them valuable bits of information or advice that show you are both thinking about them and coming up with unsolicited value. That will make you look good vis-à-vis their current provider who is likely taking the client for granted and no longer going above and beyond the call of duty.
One thing I like to do with prospects who aren’t willing to make a change, is to turn the tables on them and lower the barrier to entry down the road. I might say something like, “I completely respect your desire to stay with someone who is meeting your needs, I’d do the same. I like to stay on the cutting-edge side of the industry, so I’m always busy looking at trends and issues that might impact clients, as there’s nothing worse than the buyer being surprised. As these insights arise, I’ll be sure you’re aware so you can make sure your agent is taking good care of you.”
Plant Hurdles! Determine one or more things that you do better than any of your competitors. Then, when you’re trying to steal away one of your competitor’s clients, set a hurdle. In your conversations with that client, say something like this: “Whoever provides you with this service should always do ‘X.’” Of course, “X” is the thing you do well that you know other companies cannot do.
There are a number of techniques you can try to get new business, but there’s one technique I don’t recommend: discounting your price. That’s the easy way out, and it’s a short-term way of thinking. Some people think they’ll win over a new client by giving them a drastic discount. It might work, but know this – once you give a discount, the client might always expect that price. Plus, if you discount too much, you may end up losing money.
A willingness to discount may make your ability and effectiveness as a professional appear to be of diminished value. If you want a good client for a long period of time, you need to earn them the old-fashioned way by providing value as opposed to the easy-but-temporary way – discounting.
One of the easiest ways to respond to a discount request is to respond like this: “Our price is consistent with the value we bring to clients like you, and it’s competitive in the marketplace, so I don’t discount it.”
“Experience is a hard teacher, because she gives the test first, the lesson afterwards.” ―Vernon Sanders Law
“Remember, teamwork begins by building trust. And the only way to do that is to overcome our need for invulnerability.” — Patrick Lencioni
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
Powered by Vesta
2022 Applejack Celebration on September 17th & 18th: Celebrate the harvest season with educational family fun, U-Pick apples, hayrack rides, delicious homemade Apple Cider Doughnuts, caramel apples, homemade apple pie, and other delicious treats!
Millwork Moves: Yoga with Anne on September 17th: Bring your yoga mat for a free, fun, and challenging yoga class as you connect with your breath, mind and body in nature! Anne Marie, a certified yoga instructor, will guide a Hatha series that is open to all levels.
Omaha Symphony Dance Party on September 17th: Come out to enjoy live music and performances at the new Gene Leahy Mall! The Omaha Symphony Dance Party will incorporate performances from a robust array of lively dancers and musical genres. Dancers will be joined by Alexis Arai, who has taken stage on The Voice, American Idol, and Tengo Talento Mucho Talento.
Millwork Conversation Presented by Google by Albert Varas on September 21st: Millwork Conversations is a monthly happy hour chat between Omaha’s creators, innovators, artists, thought leaders and activators. This month’s Conversation Leader is Alber Varas. For over 20 years, his professional career and service work has focused in the areas of education, nonprofits, business, and public health. Engage in progressive conversations and socialize with others within the community.
Fireside Chat with Dusty Davidson, Serial Tech Founder and Investor on September 22nd: Meet with founders, investors, and local startup supporters at the monthly fireside chat at Modus Coworking! This month features Dusty Davidson, serial tech founder and investor on the Silicon Prairie, who has helped start up Flywheel, Tripleseat, Brightmix and more! Join the fireside chat and connect with local entrepreneurs!
21st Annual Oktoberfest on September 23rd & 24th: Celebrate Oktoberfest with craft beer, live music, and food! This annual event will feature lots of German Biers and a beer garden to enjoy them in. Crescent Moon Ale House will be grilling German food that includes Bavarian pretzels, roasted chicken, housemade schnitzel, and more!
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
Jill Edmundson has been appointed vice president of innovation at Mutual of Omaha. Before joining Mutual, she held several director-level positions at CSG, most recently head of product. Edmundson received a bachelor’s degree from the University of Nebraska Omaha. She is a certified member of the Scaled Agile Institute and a build volunteer for Habitat for Humanity.
Metropolitan Area Planning Agency has promoted Laura Heilman as the agency’s community relations liaison and project coordinator. She replaces Karna Loewenstein who retired July 29th. Heilman has been with at MAPA since November 2020.
WoodmenLife has promoted Aaron Cooper to director, accounting support. In this position, Cooper oversees and manages all activities of the Payroll, Tax and Accounting project teams within the Accounting Services Division. He began his career with WoodmenLife in March 2012 and has held several positions.
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.
Views and opinions expressed herein are solely those of the author.
The letter for the week is “P” for Pachyderm. (For those of you with advanced degrees from prestigious universities, pachyderm is a fancy word for an elephant).
For the past few weeks, Wall Street’s obsequies media acolytes have been yammering about the impact the Fed’s push to raise interest rates will have on the market. Listening to them you get the feeling that every time the Fed burps, investors whip out a calculator, and after twelve hundred key strokes, conclude that a 75 BP increase in the fed funds rate will reduce the value of the S&P by 3.7%. Then when the market responds by going up 2.3%, the media sycophants proclaim with self-rightness indignation that the market does not understand reality.
To provide some insight into what’s going on, let me relay to you the story of the pachyderm (elephant) and the four blind men.
There were four blind men sitting by the side of the road when a guy with an elephant walks by. The blind men asked the owner if they could touch the elephant? He replies yes. One of the blind men grabs the elephant’s trunk and declares that the elephant is a hose. Another grabs the tail and says the elephant is a snake. The third grabs a leg and proclaims that it is a tree trunk. The final blind man grabs a tusk and says it is a spear. The moral of the story is that if you only examine part of an object, you will get a false impression of the whole.
Cramer and his Wall Street suck-ups are like the four blind men. They think the market is a place where the majority of the participants are unemotional investors who make decisions based on careful financial analysis. But, if you step back and look at the elephant (market) and examine all the participants, it looks a whole lot different.
For example, for the past 4 or 5 weeks, the daily trading volumes had been 15% to 20% lower than normal. Definitely not a sing of panic. This is also anecdotal evidence that mom and pop are sitting on the sidelines.
On those occasions where the media has hyped data announcements followed by instantaneous, violent swings in the indexes, there was no jump in volume.
Finally, and I think this is the smoking gun, there are a bunch of ETFs that are constantly on top of the daily most-actively list that are derivatives of the Nasdaq and S&P. Translation – A bunch of Wall Street traders are creating the wild intraday market swings, not unemotional, calculating investors.
Can I prove this in a court of law? NOT! But if it walks like a duck and quacks like a duck, it’s either a duck or a platypus. Moral of the story: “Forget the needle, buy the haystack.”
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