Mirador Ita Pyta Punta is a small lookout on a red-rock edge of Asuncion, with views over the Paraguay River. The Guarani name means red stone point, and the setting explains it better than any sign could.
It is most rewarding late in the day, when the river light softens and the city drops behind you. Check local access before making a special trip, as the lookout has at times been temporarily closed.