Ritz-Carlton Condos Are Selling for Half-Price in This West Coast City

A slice of luxury in the Pacific Northwest is on sale—at a deep discount.

The units at Ritz-Carlton Residences in Portland, OR, which start at over $1 million, are being offered for up to 50% less, according to KGW and the Portland Business Journal.

The outlet reports that Christie's International Real Estate Evergreen has been brought in to help sell the high-end units.

Construction on the Ritz-Carlton, located in the Block 216 tower, started in 2019. Five years after breaking ground, the hotel and residences were completed in 2024, but there were barely any residents to move in.

Out of the 132 luxury condos—starting on the 21st floor—only 11 residences were sold. Realtor.com® has reached out to the new brokers for comment.

The new listing broker was brought in by Ready Capital, a developer who took ownership of the building last summer after the property faced foreclosure. Underperformance and barely leased office space were two factors, according to KOIN.

Ready Capital was the lender involved in the project. It regained ownership after its merger with Mosaic Real Estate Investors in 2022. According to KOIN, Ready Capital previously said it was "considering recouping its $503 million construction loan by taking possession of the property instead of waiting for repayment from its current owner, Walter Bowen."

“Closing a chapter like this is never easy, but I’m immensely proud of what we’ve built and the lasting mark we’ve made on Portland’s skyline. This city’s future is full of promise, and our commitment to the community we love will endure for years to come," Bowen said in a statement at the time.

Bowen, a Portland native, was hoping to bring a five-star hotel to the city. He did, but he couldn't sell his dream, and now it's up to the developer to try to move the units that have sat empty for years.

Towering tale

Block 216 is Portland's tallest residential tower, standing at 460 feet and 35 stories. It opened after the COVID-19 pandemic and was a symbol of hope for a downtown revival. It's in an area with walkability and near cultural landmarks. Original list prices ranged from $850,000 to $7,850,000.

But of the 11 closings, the average sold price was $1,500,364, according to Portland Appraisal. It was an average reduction of $274,000 from the original list price per unit.

The closings took place between late 2023 and February 2025.

Now, the new brokerage in charge, led by Patrick Clark, Brian Pienovi, and Andrew Pienovi, is repositioning the condos.

"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 told the Business Journal.

Part of this strategy will be to slash the condo prices by 50%. According to the Business Journal, one-bedroom condos that were previously listed at between $1.2 million and $1.7 million will start at $600,000. Two-bedroom units previously listed at between $2.1 million and $2.6 million will start at $1 million. Three-bedroom units listed for $3.3 million will start at $1.6 million.

What's in a name?

A wave of branded residences can be found in major cities across the world. In the U.S., well-known names have built branded residences, including the Four Seasons, Savills, and Waldorf Astoria. Even designers like Versace are offering branded residences.

These are luxury homes attached to a hotel or lifestyle brand and offering exclusive perks and services to their residents.

In New York City, two units in the Aman Residences were the top two sales of the week ending Jan. 4, according to the Olshan Report. The sales totaled nearly $46 million. The Fifth Avenue location has its own private entrance—separate from the hotel—but residents can still enjoy the lounge, spa, jazz club, and restaurants.

But it's also been a challenge. In Boston, the St. Regis Residences was built in the Seaport district. Sales of the 22-story building, with 114 luxury units, started in 2019, but post-pandemic, 47 units still remain empty.

The Wall Street Journal reports that even the developer is trying to sell his own penthouse in the building for $49.5 million.