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Midtown Housing Market Shines in New Analysis
A new report shines a positive light on Midtown Omaha's housing market at a time when positive housing news is hard to come by. Michael Terry, a Midtown resident and realtor with CBSHOME Real Estate, analyzed four year's worth of data and statistics, comparing Midtown to Omaha in general. His study found the following:
The Omaha market in general has slowed due to outside economic forces affecting the entire nation.The Midtown area has been hit less hard than the general Metro Omaha area.Midtown property has appreciated at a higher rate than the general metro Omaha area over the past 4 years. Midtown properties tend to sell much quicker than the general Metro Omaha areaTerry said certain key factors are making Midtown a destination of choice, bolstering the Midtown housing market. Midtown, for one, is home to some of the area's largest employers, including the Fortune 500 triumvirate of Peter Kiewit Sons', Inc., Mutual of Omaha and Berkshire Hathaway. Factor in Destination Midtown's push to return the area to prominence and the impact is noticeable, said Terry.
"There's been a lot of money put into the revitalization of the Midtown area recently, and I think that's attracted a lot of people to Midtown. They're staying closer to work as opposed to going far out west," said Terry. "I think financially that just makes sense, especially with gas prices. I think that's going to be a huge issue in the next 5-to-10 years in Omaha. Everything is so spread out. I think you're going to see a lot more people starting to live closer to work for convenience and financial reasons."
Scott Lawrence, a realtor with NP Dodge Real Estate, also holds a high opinion of the Midtown housing market. In addition to that short commute Downtown, he said property taxes are typically lower near Midtown. Lawrence said anyone looking to move into Midtown is going to find a diverse mix of houses with a lot of appeal.
"A buyer would be able to choose from over 230 homes in the Midtown area -- with prices as low as $14,000 for a fixer upper and as high as $950,000 for a 9,000 square feet former Symphony show-house," said Lawrence. "Some of the homes have character that you normally don't get in a newer home, such as arched entries, crown moldings and mature trees."
Lawrence said those mature trees, so plentiful in Midtown, are a prized feature for most of his Midtown buyers.
"The further west you get, the harder it is to find a lot with mature trees. Most housing developments were farmland at one time. Once developed and trees are added, it could be 30 or more years before you have a similar treed lot that you can get today in Midtown," said Lawrence.
Both Lawrence and Terry agree those looking to sell a home in Midtown can expect a shorter wait, compared to sellers citywide. Terry found that in Midtown, a typical range for days on the market is mid-40's to low-50's compared to low-60's to 90 days on the market for Omaha in general.
"That's a mortgage payment for people. That's a solid thousand or two thousand dollars," said Terry.
During a dark time for the U.S housing market, it all amounts to some bright news for Midtown.
"I honestly think it's only going to get better," said Terry.
He echoed that sentiment in the conclusion of his Midtown market analysis, writing, "It is safe to assume that over time the Midtown market will strengthen with the easing of the mortgage crisis and the current plans for development within the Midtown area."
For more information about Terry's Midtown market analysis, e-mail Michael.Terry@cbshome.com or call (402) 547-1557.
Visit the Destination Midtown Web site where you can search for and post residential, commercial and mixed use properties for sale or lease in Midtown.