In a dramatic move to spur sales at one of Portland's most prominent new towers, the luxury residences at the Ritz-Carlton are seeing prices cut by at least 50%. The strategy comes after only 11 of the 132 units have sold since the building opened in 2024, prompting a major reset for the high-profile project.
The new pricing structure is part of a comprehensive repositioning effort led by a newly formed brokerage, Christie’s International Real Estate Evergreen. This aggressive price reduction aims to attract buyers to the struggling downtown luxury market and revitalize the iconic Block 216 tower.
Key Takeaways
- Prices for luxury condos at the Portland Ritz-Carlton have been reduced by 50% or more.
- Only 11 of the 132 residences have been sold since the building's 2024 opening.
- A new brokerage, Christie’s International Real Estate Evergreen, is managing the sales and repositioning strategy.
- The building's ownership transferred to Ready Capital last summer through a deed in lieu of foreclosure.
A Necessary Market Correction
The price adjustments are substantial, effectively resetting the market value for these high-end homes. One-bedroom units, which were originally listed for between $1.2 million and $1.7 million, will now start at a significantly lower price of $600,000.
Larger residences are also seeing deep cuts. Two-bedroom units previously priced from $2.1 million to $2.6 million will now be offered starting at $1 million. The most spacious three-bedroom units will begin at $1.6 million, a steep drop from their former $3.3 million price tag.
New Pricing at a Glance
- One-Bedroom: Now starting at $600,000 (Previously $1.2M - $1.7M)
- Two-Bedroom: Now starting at $1 million (Previously $2.1M - $2.6M)
- Three-Bedroom: Now starting at $1.6 million (Previously $3.3M)
This move reflects the challenging conditions in Portland's luxury real estate sector and the urgent need to generate sales momentum for the property. With over 90% of the units remaining unsold, the previous pricing model proved unsustainable.
New Leadership and a New Strategy
Tasked with turning the tide is Christie’s International Real Estate Evergreen, a new brokerage launched by veteran Portland brokers Patrick Clark, Brian Pienovi, and Andrew Pienovi. The firm was recently selected by Ready Capital, the building's new owner, to oversee the sales and marketing of the residences.
Ready Capital acquired the property last summer via a deed in lieu of foreclosure, a process that allows a property owner to avoid foreclosure by voluntarily turning over the deed to the lender. The firm has been managing the building with Lincoln Property Co.
The brokerage's leaders see this project as more than just a real estate transaction; they view it as a pivotal moment for the city itself. The residences, located on floors 21 and above in the Block 216 tower, offer a unique luxury product that has yet to find its footing.
“In many ways, the Ritz-Carlton is symbolic of the city (of Portland),” Patrick Clark stated. “The city needs a win, and this is one step forward in the process for us to bring people in the city and occupy the residences.”
Clark's comment underscores the high stakes involved. A successful sell-out of the condos could signal a renewed confidence in downtown Portland, while continued stagnation could reinforce negative perceptions about the area's economic health.
What is a Deed in Lieu of Foreclosure?
A deed in lieu of foreclosure is a legal process where a property owner who is behind on mortgage payments voluntarily transfers the title of their property to the lender. In exchange, the lender agrees to cancel the remaining mortgage debt. This is often used to avoid the lengthy and costly public process of foreclosure.
Challenges in Portland's Downtown Core
The slow sales at the Ritz-Carlton residences are indicative of broader challenges facing downtown Portland. The area has struggled to recover its pre-pandemic vibrancy, facing issues with public safety, homelessness, and a slower-than-expected return of office workers. These factors have likely contributed to buyer hesitation, especially at the highest end of the market.
The Block 216 tower was envisioned as a landmark project that would inject new energy and investment into the city center. However, its opening in 2024 coincided with a period of economic uncertainty, making it difficult to attract buyers at its original, ambitious price points.
The decision to slash prices by 50% is a direct acknowledgment of these market realities. It is a calculated risk designed to break the sales deadlock by creating a value proposition that is too compelling for luxury buyers to ignore. The strategy aims to build a community of residents within the tower, which in turn could boost its appeal and long-term value.
Looking Ahead The Future of Block 216
The success of this repositioning will be closely watched by developers, investors, and city officials. If the price cuts lead to a rapid increase in sales, it could set a new benchmark for luxury real estate in Portland and encourage further investment in the downtown core.
For potential buyers, the new pricing represents a rare opportunity to purchase a residence in a premier building at a fraction of its initial cost. The brokerage is betting that the combination of the prestigious Ritz-Carlton brand, the building's amenities, and the drastically reduced prices will be enough to overcome the broader concerns about the downtown environment.
The coming months will be critical in determining whether this bold strategy can transform one of Portland's most visible real estate challenges into a much-needed success story. The outcome will have implications not only for the Block 216 tower but for the perception and future of the entire city center.
