Holy Cow that's a lot of money for a 1 bedroom unit that looks at the the street and not the ocean. There's not way I'd be paying that much money for that particular view in that size of a unit.
I believe I'd have to recsind that deal and start looking for resale units. Trading into Hawaii isn't always that easy but, if you're not particular about your view, and judging from what you've signed your not, it's not that difficult either. At that price, it'd better to pay half that for some other timeshare in Vegas and trade into either of HHV's older towers. Both of which are very nice and, you might even get a better view for fewer points.
For 6,800 points, this was the view we enjoyed from the Lagoon tower in the morning.
It might not have been as fancy of a unit but, we were VERY comfortable. This was a full one bedroom unit with a full kitchen. I certainly wouldn't want to pay $38,000 for the upgrades to at the Waikikian and especially if I only had a view of the city.
Owning in Hawaii might be important to you as it gives you home resort reservation privledges. You'll have a better chance of reserving your unit if you can book 12 monhts in advance rather than picking from the left overs at 9 months like we have to do. After having stayed at HHV, I almost wish we had purchased our contract there rather than in Vegas. However, when I spoke with the salesman at the 10 minute interview booth in the Rainbow Baazar, the difference in price was, IMO, starggering. I couldn't bring myself to pay that much additional just to switch my home resort from Vegas (a resort we really enjoy when we're there) to Hawaii.
Still, if you're patient you should be able to find a 1 bedroom or even a 2 bedroom unit in Hawaii for much less than $38,000. At least I feel strongly enough about it that I'd be searching that way before knuckling under and pay that much to Hilton to buy that unit retail.