+ Anesthesiologist vows to preserve historic Magwood House

The Magwood House on Smith Street, which was in the hands of the Historic Charleston Foundation, was recently sold to a buyer who has pledged to keep the historic residence intact.

Grayce Davis, a local anesthesiologist, bought the home for $1.5 million.

That's a nearly 18 percent discount from what the foundation bought it for last year at $1.825 million. The group, using revolving funds, purchased the home to keep it from being turned into condominiums.

The house at 61-63 Smith St. was sold with protective covenants through legally binding agreements that will assure future protection of the property, Historic Charleston said in a statement last week. The property dates to the 1820s, when Col. Simon Magwood built the 2 1/2-story single house on a double lot.

"Placing this historic dwelling in the hands of a purchaser who shares our commitment to its thoughtful rehabilitation and preservation greatly enhances our efforts to conserve the architecture and traditional character of this early 19th-century neighborhood," said Kitty Robinson, the foundation's executive director.

The sale marks the third property in the Harleston Village neighborhood to be preserved through the foundation's revitalized revolving fund. The other two are the Hannah Groning House at 28 Montagu St. and the Henry Gerdts House at 13 Pitt St.

Looking up

South Carolina home sales haven't started to grow year-over-year yet, but the declines are starting to look less dramatic.

Statewide home sales fell only 5.6 percent during the third quarter to 12,048 transactions, according new numbers from the South Carolina Association of Realtors. That figure stings less than the 18.9 percent and 29.5 percent drops recorded during the two previous quarters when compared to the year-earlier period.

Prices across the state fell by a greater margin of 7.8 percent with the median home sale value at $143,000.

For the year so far, South Carolina home sales have declined 17.6 percent compared to last year.

Markets that recorded sales increases during the third quarter include Cherokee County, the Myrtle Beach area and the Hilton Head Island area. The Lowcountry saw a 2 percent drop in sales.

Sales have gotten a boost this year from the $8,000 federal tax credit aimed at first-time buyers, a temporary incentive that last week was expanded and extended into spring.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.