|View from a $36 million penthouse (WSJ photo)|
But what explains what's going on in Honolulu's formerly run-down Kakaako section? [bold added]
This city’s Kakaako district—long overlooked amid the development of Waikiki Beach on one side and downtown skyscrapers on the other—has become the center of a building boom of luxury condominiums and townhomes with asking prices upward of $20 million. A 10,000-square-foot penthouse atop the 36th floor of Waiea tower—featuring floor-to-ceiling views of Waikiki and Diamond Head—is listed for $36 million, believed to be the highest ever for a condo in Hawaii.
Meanwhile, the old man and I walk along the parks in the neighborhood, and it doesn't cost us a cent.