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East Winst
Winston turned up only slightly
more than 1,200 owneroccupied
dwellings, compared to
the 1,700 J^gure from the ^980
census.
Commenting on the pattern of
ownership that emerged in the
Chronicle study, David Thompkins,
director of the Housing
Authority, said, "Absentee
landlords .. 1'uo In
'V uvbll ill ?? II131U11*
Salem for 55 ySars and it's always
been that way."
Others in the black community
responded in similar fashion.
Walter Marshall, president of
"Absentee ownership has
been a political issue in the
black community for 30
years;99
? Walter Marshall
9
the local branch of the NAACP,
said the major property owners
the community-based East
Winston Restoration Society,
which is active in housing programs.
An inspection by the Chronicle
of property ownership records at
the city-county tax supervisor's
office indicates that F?rroll D??>l
?-W.VWW >4>wt m WIIVII 11VM"
ty Co. of 854 W. Fifth St. and
C.W. Myers Trading Post at 2718
N. Liberty St. have the largest
holdings of rental housing units
in East Winston, the long-time
focus of housing and redevelopment
efforts by the city and
federal governments. m.
Until late last yeaj,' a third
firm, the Fitzgerald Mortgage ,
Co. of Miller Park Circle, owned
, another 85 residential properties
in East Winston, but it sold off
all its East Winston holdings,
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November to a firm called
Homeworth Inc., which was incorporated
in 1986. Homeworth
Inc. is itself in the process of selling
off its recently acquired properties.
In terms of numbers of properties,
C.W. Myers is the largest
property owner in East Winston,
with more than 100 separate
parcels, which include singlefamily
homes, numerous lots
without homes, some multifamily
dwellings and scattered"
commercial property. The total
assessed value of Myers* East
Winston property is carried at
more than $1 million on the
books at the city-county tax office.
However, E. Vernon Ferrell,
who owns fewer individual properties
than Myers, controls
residential property in East
Winston valued at some $1.75
million, not including two large
East Winston apartment comr
~ ptexes owned by Ferrett's various
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Forsyth County tax records shos
property owners, the properties
and the amount of taxes paid on
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real estate enterprises. Ferrell
owns Colony Place, a 228-unit .
federally subsidized complex,
which is assessed at $2,153,800,
and Fairchild?Hills, which is carried
on the tax books at
$1,051,000.
Much of the rental housing in
East Winston consists of individual
single-family dwellings,
but there are several apartment
complexes. Among the largest investors
in East Winston apartments
is Covington-Wilson Inc.,
which owns a $475,000 complex
at 555 Ninth t St,; WilsonCovington
Construction, which
owns Southgate Apartments at
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902 E. Second St., assessed at
$2,300,000; and principals of
Wilson-Covington who own the
relatively new multimillion-dollar
Summit Square project, as well as
properties valued at more than
$500,000 held by an entity called
National Investors and Clay V.
Ring. Another large commercial
property is Lakeside Apartments,
assessed at $2,583,000 and
managed by Hubbard Realty'"of
285 S. Stratford Road.
In some cases, it was not possible
to determine if the owners of
record for East Winston property
are holding or managing property
. on behalf of some other person,
who preferred to remain'
anonymous.
Meanwhile, a report on East
Winston prepared earlier this
year by the city-county planning
department emphasizes that "still
much of the city's worst housing
is located in East Winston."
A driving tour of East Winston
reveals that dozens of houses are
vacant, for sale, boarded up or
have been cleared from their lots.
And one housing inspection official
told the Chronicle that he
estimates that 20 percent of the
housing units in East Winston are
unfit to be lived in.
Reached by telephone, neither
Myers nor Ferrell would agree to
discuss in detail their holdings in
East Winston. 4'We have apartments
over there,'* Ferrell said.
"We work hard to keep them in
good shape."
The area of the city for which
ownership records were examined
and which are defined by a study
now under review by city officials
-- the East Winston Area Plan ?
is bounded by Smith Reynolds
Airport on the north, New
Walkertown Road and Brushy.
r* i i
rone <^reeK on tne east, interstate
40 on the south and the Norfolk
and^Western Railway tracks and
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v partial lists of East Winston
involved, their assessed value
them.
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Liberty Street on the west.
This is a larger geographic area
than traditionally has been viewed
as East Winston, according to
people from the community, who
say the term East Winston is a
flexible one.
In the case of many investors in
East Winston real estate, these
represent only a portion of their
citywide holdings. For example,
r? u ft d
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HOURS: |Sfl
Mon.-Thurs. 10-9
Fri., Sat. 10-9:30 , ' P*|p
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1974
SEARS TOWER I
CHICAGO
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1035 NORTHWI
PHONE 72
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the city-county tax office lists
C.W. Myers Trading Post as the
taxpayer of record for some 750
pieces of property in WinstonSalem.
E. Vernon Ferrell,
through his various enterprises -Ferrell
Realty and Ferrell Construction
Co. -- also has major
holdings outside of East
Winston.
The Chronicle study focused
and o~
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A division of Pieasar
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Winston-Salem Chroniclr Thi
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primarily on residential property
ownership, although the pattern
of commercial ownership is
similar to that for residences,
with much of the commercial
holdings in the hands of investors
outside the East Winston community.
The largest black-owned
commercial property is the Jet-,
way Shopping Center on New
Walkertown Road, which is
p E N I N G
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1971
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"O HARD1
HOURS: MON.-I
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\
? -?t ? * w * w m w
ursday, July 2, 1987 Page A13
III
*
assessed at $340,000 and owned
by a dentist, J. Raymond Oliver
Jr.
The East Winston Shopping
Center, assessed at $1,814,000, i&
owned by an investment company
in Minnetonlta, Minn.
Besides Ferrell and Myers,
other substantial owners of East
Winston residential rental proPlease
see page A14
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22.99 value
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Best Mildew Fighter
WARE I
1:00*5:00 ]
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