listed homes is $239,900 while the median price of homes that sold
“People can live here in a really nice house, make a very nice
living and be able to put some money away every month,” adds
Not everything is perfect. For instance, The Washington Post has
reported that Nebraska has a bit of a housing shortage. Although
in the state employers are willing to pay more to lure talent, only
one in every 184 or so housing units in the state were for sale in
any given month, according to Zillow. The paper noted this
makes available homes about 1. 7 times more scarce than the
THAT HIPNESS FACTOR
Does Omaha have what it takes to be the next emerging market,
similar to what, say Denver or Nashville were 10 years ago? Indeed,
trying to determine which city is most likely to be the next Austin
or the next Charlotte requires an analysis of many moving parts.
Omaha, it would appear, is checking off many of the boxes and
could well be added to that list one day. But as experts will tell you,
it is more about the numbers, and, in Omaha’s case, some elements
are still not in place.
Noddle acknowledges that “the community has had a reputa-
tion, a stigma if you will, for being a sleepy Midwestern city; that the
rug gets rolled up at nine o’clock, and that’s just not the case.”
But even that may be subject to change. Although everyone
might not know it, Noddle reports there’s an exciting music and
food scene—He’s even working on a food hall with a Brooklyn
hospitality group “and they see tremendous opportunities here.”
The issue of stigma or a geography’s reputation doesn’t just
apply to more rural areas or those unfairly imagined as “out in
For certain emerging neighborhoods to be successful they need
a “hipness factor that’s already bred into the neighborhood,” says
Susan Tjarksen, managing director in the Chicago office of
Cushman & Wakefield. Similar to some Chicago areas, for exam-
ple, the Bushwick neighborhood of Brooklyn already had a hip
image with a historical, gritty, industrial past. That contrasts to
Staten Island, which has a deeply embedded, long, suburban his-
tory. Although on the water and close to Manhattan with seemingly
desirable real estate lacking the X Factor, that borough will take a
much longer time to emerge.
In addition, neighborhoods can get stigmatized by crime.
“There are crimes such as gun violence, reported rapes, your house
gets broken into on a regular basis,” says Tjarksen. “And then there
are crimes like your car gets broken into. You have to differentiate
between them.” The graffiti, litter, vandalism, annoyance crimes
differ from those that will actually keep people from moving to a
neighborhood and will slow down gentrification.
Alan Schactman, director of the residential division of Clayco, a
Chicago real estate and construction firm, is involved with two
emerging neighborhood projects, both of which have access to
public transit. Transit, he says, is critical for a neighborhood to
One of the projects is 1980 N. Milwaukee in Logan Square, walking distance to Chicago Transit Authority’s blue line. The other is
4555 N. Sheridan in Uptown Chicago, right off CTA’s red line.
“Those are literally the two most active and traveled lines in the
city,” he says.
THE TIPPING POINT
Schactman defines “emerging” as areas where people want to
invest. That can mean multifamily residential properties attracting
the younger, single, recent college graduates who want to live in
1980 N. Milwaukee in Logan Square is within walking distance
to Chicago Transit Authority’s blue line.