REAL ESTATE MARKET: Omaha

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RockHarbor
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REAL ESTATE MARKET: Omaha

Postby RockHarbor » Thu Jun 22, 2017 11:18 pm

I was talking to two people today regarding real estate in Omaha. I've heard it is quite a seller's market. If somebody puts their used home up for sale, I hear it sells basically in a "snap of a finger." If you're trying to buy a used home, I hear you're up against many aggressive potential buyers. I guess the inventory is low among used homes. And, it seems more subdivisions are going in nowadays. In the last decade, I haven't seen that many new subdivisions go in, because Omaha was overbuillt, and there were so many new lots to fill in. This realtor guy told me that some developers went bankrupt over those years, while others simply got busy in another career. I hear those subdivisions cost like 10 million to put in. It's all so interesting. I want to understand this whole process & cycle better. Thoughts or comments on Omaha's real estate market?
"Crossroads Village" down the street from "Aksarben Village?" Does "Crossroads" have any meaning to people 20 and under? "Dodge At 72nd" is a type name I like better, drawing from the excitement of the iconic, special Omaha intersection. My $.02.

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Brad
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Re: REAL ESTATE MARKET: Omaha

Postby Brad » Thu Jun 22, 2017 11:43 pm

One of the Real-Estate radio shows said that there are currently more licensed real-estate agents in the metro than there are houses on the market. I forget the exact number, but it was almost 2 agents for every one house on the market if I remember right.

My completely armature observation:

I see more and more agents putting "Coming Soon" signs in peoples yards before the house even goes on the market, some of those houses seem to never even get the real "For Sale" sign in the yard and its already sold.

I live in an interesting neighborhood by Westside High School. Houses in our neighborhood range from about $175,000 up to a few million. The under $250,000 houses sell the first day they are on the market, usually more than asking with competing offers, and most need to be completely gutted inside. The $250,000 to $500,000 are usually fixed up and sell really fast and close to asking price. As you move closer to the Million dollar homes, they tend to sit a while, but eventually sell.

As far as sub-divisions:

Hearthstone and Benchmark were the two big ones that went out of business. I think the both had a large number of finished lots that went to auction.

There are a lot of new SID's coming online, however they are mostly North of Fort St or South of Q street.
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RockHarbor
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Re: REAL ESTATE MARKET: Omaha

Postby RockHarbor » Fri Jun 23, 2017 9:14 am

Thanks for your response. I always learn new stuff.... I never heard the term "SID" before. I guessed it must stand for "subdivision in development." I found info here: https://www.douglascountyclerk.org/sidinfo I didn't even think about the rules & regs behind it all, and how the developer develops a public park if he/she allows one to be designed in the development. The market: I just can't believe how fierce it is right now! It shows how healthy the city is right now. If people sell their home simply because it is a good market, and try to get in another used one of similar value, they may be left renting an apartment -- is about what it sounds like. It may be better not to sale, and that influences the local inventory being low, as it presently is.
"Crossroads Village" down the street from "Aksarben Village?" Does "Crossroads" have any meaning to people 20 and under? "Dodge At 72nd" is a type name I like better, drawing from the excitement of the iconic, special Omaha intersection. My $.02.

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Re: REAL ESTATE MARKET: Omaha

Postby GetUrban » Fri Jun 23, 2017 1:26 pm

SID = " Sanitary Improvement District ". Typically, when lots are platted smaller than an acre, a new sanitary sewer system is required to handle the waste, rather than depending on individual septic systems for each lot. Thus the term SID was born.
Such developments also usually include other infrastructure such as water service, electric, CTV, storm sewers, streets, and covenants. (sorry RockHarbor...didn't read your whole post before I started typing :shrug: )
He said "They are some big, ugly red brick buildings"
...and then they were gone.

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Brad
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Re: REAL ESTATE MARKET: Omaha

Postby Brad » Fri Jun 23, 2017 3:18 pm

To be technical its "Sanitary AND Improvement District".

"In Nebraska, a Sanitary & Improvement District (SID) is a political subdivision with taxing authority formed to pay for installation and maintenance of public improvements with the SID."


They are almost their own little city until they are annexed. They have an SID Manager that works closely with board members, attorneys, financial advisors and contractors to manage and maintain the infrastructure. Until they are annexed, literally manage everything from road repairs to mowing the grass in the park.
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RockHarbor
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Re: REAL ESTATE MARKET: Omaha

Postby RockHarbor » Fri Jun 23, 2017 6:35 pm

Interesting GetUrban and Brad. I'm glad to learn this stuff. I guess this "tight" real estate market for used homes is similar everywhere -- not just Omaha. I've talked to ones in other cities...
"Crossroads Village" down the street from "Aksarben Village?" Does "Crossroads" have any meaning to people 20 and under? "Dodge At 72nd" is a type name I like better, drawing from the excitement of the iconic, special Omaha intersection. My $.02.

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Re: REAL ESTATE MARKET: Omaha

Postby GetUrban » Fri Jun 23, 2017 11:01 pm

Another thing about SIDs...If they are built within the 3-mile zoning jurisdiction outside of Omaha's city limits (in Douglas County) they have to follow all of Omaha's zoning regulations, building codes, and standards. This means that all of the new streets built within the SID have to meet Omaha's standards so that when they eventually get annexed by Omaha, there shouldn't be any streets that aren't properly paved. In the past Omaha has annexed areas with substandard roads, some without storm sewers, that eventually need to be upgraded, like we see in some older neighborhoods now.
He said "They are some big, ugly red brick buildings"
...and then they were gone.

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Re: REAL ESTATE MARKET: Omaha

Postby RockHarbor » Mon Jun 26, 2017 12:36 am

Interesting, GetUrban. That makes perfect sense (getting things to code before the city even annexes). I'm glad to learn this stuff. Up until now, all I knew was simply excitement seeing bulldozers etching streets and moving land, and thinking "Yeah! New homes are going in." Now I know more details.
"Crossroads Village" down the street from "Aksarben Village?" Does "Crossroads" have any meaning to people 20 and under? "Dodge At 72nd" is a type name I like better, drawing from the excitement of the iconic, special Omaha intersection. My $.02.

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Re: REAL ESTATE MARKET: Omaha

Postby lisanstan » Sun Jul 02, 2017 1:26 pm

I live in Dundee. Most houses under $300K sell quick and if you're under $225 I think they mostly are gone within a day and multiple offers. Over $400K and they tend to sit a little while. The one across the street from me was put on the market for $635K and they dropped the price to $600K within a month. They had an open house last week. I think its still over priced for the street. I don't think a home on my block has ever sold for over $400K. There were a few priced at or near $1M and one was on the market forever before they dropped the price about $200K (or more, I'm not sure). The two others are still for sale. One has dropped the price (the beautiful yellow Mediterranean one on Farnam and a brick one on N Happy Hollow near Dundee Presby that was still asking over $1M.

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Re: REAL ESTATE MARKET: Omaha

Postby RockHarbor » Mon Jul 03, 2017 12:15 am

lisanstan wrote:I live in Dundee. Most houses under $300K sell quick and if you're under $225 I think they mostly are gone within a day and multiple offers. Over $400K and they tend to sit a little while. The one across the street from me was put on the market for $635K and they dropped the price to $600K within a month. They had an open house last week. I think its still over priced for the street. I don't think a home on my block has ever sold for over $400K. There were a few priced at or near $1M and one was on the market forever before they dropped the price about $200K (or more, I'm not sure). The two others are still for sale. One has dropped the price (the beautiful yellow Mediterranean one on Farnam and a brick one on N Happy Hollow near Dundee Presby that was still asking over $1M.
It sounds like some people are trying to take advantage of a strong market. Nothing wrong with that -- I guess. But, they're not smart and the rest of us are dumb. Not only does the batch of potential buyers get smaller the higher priced the home, who is also not ultra-careful buying a very high-priced item? No wonder they still sit for sale. Also: This is Omaha. Not Milan.
"Crossroads Village" down the street from "Aksarben Village?" Does "Crossroads" have any meaning to people 20 and under? "Dodge At 72nd" is a type name I like better, drawing from the excitement of the iconic, special Omaha intersection. My $.02.

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Re: REAL ESTATE MARKET: Omaha

Postby Brad » Fri Jul 07, 2017 9:37 am

Last weekend on Grow Omaha, Mike Riedmann from NP Dodge said there are only 2300 homes on the market in Omaha.
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Re: REAL ESTATE MARKET: Omaha

Postby skinzfan23 » Fri Jul 07, 2017 9:42 am

Brad wrote:Last weekend on Grow Omaha, Mike Riedmann from NP Dodge said there are only 2300 homes on the market in Omaha.

Wow! Is that total inventory? If that is the case, you can expect some sort of housing building boom in the next few years. There just isn't enough supply in the market right now.

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Re: REAL ESTATE MARKET: Omaha

Postby RockHarbor » Fri Jul 07, 2017 11:20 pm

Awesome! I love hearing the hammers pounding the nails and seeing new batches of homes going up. They really are starting to clear the land for new subdivisions, more than I've seen in the last 10 years. Omaha is really on the move. It feels like tons are moving here. Right now, I'm kinda obsessed ("obsessed" meaning I drive by ocassionally to see the change) with the 180th/192nd & Blondo/Maple area, the 192nd & Giles/Harrison area, the 204th & F area, and the Werner Park area. New hip-roofed homes seem really popular right now -- almost like that FLW "Prairie Style" look a bit.
"Crossroads Village" down the street from "Aksarben Village?" Does "Crossroads" have any meaning to people 20 and under? "Dodge At 72nd" is a type name I like better, drawing from the excitement of the iconic, special Omaha intersection. My $.02.

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Re: REAL ESTATE MARKET: Omaha

Postby MTO » Sun Jul 09, 2017 4:43 pm

Brad wrote:Last weekend on Grow Omaha, Mike Riedmann from NP Dodge said there are only 2300 homes on the market in Omaha.


How about a block housing boom instead.
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Re: REAL ESTATE MARKET: Omaha

Postby daveoma » Thu Jul 13, 2017 2:13 am

skinzfan23 wrote:
Brad wrote:Last weekend on Grow Omaha, Mike Riedmann from NP Dodge said there are only 2300 homes on the market in Omaha.

Wow! Is that total inventory? If that is the case, you can expect some sort of housing building boom in the next few years. There just isn't enough supply in the market right now.

I have my fingers crossed for more condominiums in Dundee, midtown, downtown, South 24th street, and Benson.

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Re: REAL ESTATE MARKET: Omaha

Postby FrankJones » Thu Jul 13, 2017 10:34 pm

I've got a nephew who sold his house very recently (they close soon). He lives near Benson High School. Sold it in 1 day, for $11,000 over asking price. I'd say that's a Sellers' Market!


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