Luxury real estate firm on why they're slashing prices on the Ritz-Carlton condos
Only 11 of the building’s 132 luxury condos have sold since it first opened in 2024. Part of the repositioning strategy is to slash condo prices by at least 50%.
PORTLAND, Ore. — This story comes from the Portland Business Journal, a KGW News partner. The full story, and other PBJ articles, can be found here.
Three veteran Portland brokers have launched Christie’s International Real Estate Evergreen, focusing on luxury housing, including the residences in downtown’s Block 216 tower.
The brokerage is led by Patrick Clark and Brian Pienovi and his son Andrew and is part of Christie’s International Real Estate expansion on the West Coast. The brokerage announced last week it was tapped by Ready Capital to reposition and sell the Ritz-Carlton condos in Block 216 tower.
In many ways, the Ritz-Carlton is symbolic of the city (of Portland),” Clark told the Business Journal Friday. “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.”
Ready Capital took ownership of the building over the summer via a deed in lieu of foreclosure and has been managing the property with Lincoln Property Co.
There are 132 luxury condos in the building starting on the 21st floor. Only 11 of these residences have sold since the building first opened in 2024. Part of the brokerage’s repositioning strategy include slashing condo prices by at least 50%.
One-bedroom units that were previously listed between $1.2 million and $1.7 million will start at $600,000. Two-bedroom units that were previously listed between $2.1 million and $2.6 million will start at $1 million. The three-bedroom units will start at $1.6 million after previously selling for $3.3 million.