It’s difficult to pronounce the new name of one of Charlotte’s most well-known businesses. Howard Hanna Allen Tate Real Estate is the new name for Allen Tate Realtors, the company revealed this week.
Tony Mecia of the Charlotte Ledger Business Newsletter joined WFAE’s Marshall Terry for our program BizWorthy to discuss the name change and other business news of the week.
Terry Marshall:The biggest residential real estate firm in Charlotte is Allen Tate. The name is well-known. What caused the change?
Tony Mecia:The corporate ownership of Allen Tate is reflected in the name change. A firm named Howard Hanna Real Estate Services purchased it a few years ago, and as you indicated, they now wish to be known as Howard Hanna Allen Tate Real Estate, which includes the Allen Tate half. Businesses typically create new names like this by merging existing ones, such as Fifth Third Bank. Many individuals think that Fifth Third Bank is a really strange name. Third National Bank and Fifth National Bank merged, that’s what.
Another path they occasionally take is to come up with a fictitious, meaningless moniker like Novant or Truist. While we’re on the subject of real estate, it’s also important to note that new statistics released this week revealed that, for the third consecutive month, the median sales price of homes in Mecklenburg County fell in July. The median sales price was $460,000, a 1.1% decrease. According to realtors, it’s primarily a result of buyers having more options and homes remaining on the market for longer.
Terry:Let’s move on to some banking news. Two of Charlotte’s biggest employers, Bank of America and Wells Fargo, don’t seem to be hiring any new staff in the near future. What’s happening there?
Mecia: According to the Wall Street Journal, which recently examined the earnings reports of several big businesses with a significant presence in Charlotte, such as Bank of America and Wells Fargo, the CEOs have been praising their efforts to reduce personnel. Wells Fargo has reduced its workforce for the past 20 consecutive quarters. Charlie Scharf, the CEO, referred to attrition as our friend. Bank of America CEO Brian Moynihan praised his accomplishment of reducing the company’s workforce from 300,000 to 212,000, saying that we must continue to reduce that number. Therefore, I wouldn’t anticipate that any of those organizations will significantly increase the number of banking employment.
Terry:Now let’s head to the airport. Spirit Airlines, a Florida-based airline with 15 nonstop flights from Charlotte, warns that it may run out of cash. What’s going on there, and is it a reflection of the airline sector as a whole?
MeciaEarlier this year, Spirit Airlines spent many months under bankruptcy protection. After emerging from bankruptcy protection in March, it is currently facing more financial challenges. In a letter this week, it warned that it may run out of money in the upcoming year due to declining reservations and a failure to reach its financial goals. That raises the possibility of filing for bankruptcy again. It’s not common for bankruptcy filings to occur so closely together, but several airlines are dealing with this, including American Airlines, which has reported a decline in ticket sales. I don’t believe there will be a significant effect on local employment. Spirit doesn’t have many positions here and isn’t based here.
Terry:Let’s wrap up this week with some business news around health. In the event of an opioid overdose, Mecklenburg County’s bars and eateries can now help. Why is the county ABC board providing free Narcan and instruction on its use?
Mecia: In an effort to save lives during opioid overdoses, the local ABC board is collaborating with the Mecklenburg County Health Department to provide free Narcan to establishments that hold ABC mixed beverage permits. In my opinion, the availability of Narcan in public places is being expanded, and this is merely another step in that regard.
Robertson & Associates is the legal firm that supports BizWorthy.
