Downtown Portland Luxury Condos Repriced

Private residences at the Ritz-Carlton Residences Portland are being reintroduced with price reductions of up to 50%, a notable reset for one of the city’s most ambitious residential projects. Originally positioned as ultra-luxury offerings starting above $1 million, many units are now priced well below their initial expectations.

The residences occupy the upper floors of Block 216, Portland’s tallest residential tower. Construction began in 2019, and while the building officially completed in 2024, buyer demand never fully materialized. Out of 132 condominiums, only 11 units sold during the initial sales phase.

Following a foreclosure tied to underperformance and weak office leasing, ownership transferred to Ready Capital, which has now brought in a new brokerage team to reposition the project. The strategy is straightforward: reset pricing to better align with today’s market realities and attract owner-occupants back to the urban core.

Under the revised pricing structure:

• One-bedroom residences previously listed between $1.2M and $1.7M now start around $600,000
• Two-bedroom units once priced from $2.1M to $2.6M are now starting near $1 million
• Three-bedroom homes that had been offered at roughly $3.3M are now priced around $1.6 million

Earlier sales averaged roughly $1.5 million, already reflecting meaningful reductions from original list prices. The current repricing represents a more aggressive attempt to bring these residences in line with buyer expectations post-pandemic.

This repricing marks one of the more significant luxury resets Portland has seen in years. For buyers, it presents a rare chance to access branded, full-service living at a fraction of original pricing. For the market, it’s a reminder that even top-tier developments must ultimately align with local demand and timing.

If you’re evaluating a downtown purchase, considering a move-up opportunity, or weighing how luxury pricing is shifting across Portland, this is the kind of moment worth a closer look. Reach out anytime and we can talk through how opportunities like this fit into your broader buying, selling, or investment strategy!