A partnership led by Ron Allred, co-developer of the Telluride Resort, has purchased a 51% interest in the Wailea Blue Golf Course. The course will be renovated to some degree with possibly a nineteenth hole built to enable that process. It is expected that the course will be partially privatized and that a new clubhouse will be built at the location of Matteo’s Restaraunt on Wailea Ike.

At a Wailea Community meeting on Thursday, it was announced that the St. Regis’ desire to tear down the Rennaissance Hotel in Wailea has been delayed, and probably will not happen until April of 2007.

The Maui County Council is considering a proposal whereby most new developments be required to provide 40-50% of the unit for affordable housing or to pay $190,000 fee per unit built. Mayor Alan Arakawa has come out against the proposal which would undoubtedly crimp ongoing development and thus probably create upward pressure on the price of the existing housing stock on the island.

With four sales in the third quarter, Ekolu was much more active than the average Wailea complex although still less active than in prior quarters. The median sale price was just over $1 million (influenced by three of the four being 2BR units) while the average value per square foot was just over $900. Both of those numbers were higher than Ekolu’s levels for the past year and indicate that Ekolu has bucked the Wailea/Makena price trend in the third quarter. For more information, click on Recent Sales above.

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