Park Lane Ala Moana—a new residential development overlooking the turquoise waters and powdery beaches of Honolulu—went on sale last year with its 217 condominiums ($2.7 million to more than $28 million) offering jaw-dropping views of the Pacific and the surrounding tropical vegetation. Seventy-five percent of the condos were sold before the project was completed, but two of the property’s elite penthouses just hit the market in January.

Hale Mahina, Hawaiian for “House of the Moon,” is listed at $26.4 …