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Luxury Ritz-Carlton Condos Aren't Selling In "Liberal Cesspool" Portland
zerohedge.com
Luxury units at the Ritz-Carlton Residences in downtown Portland are now being marketed at discounts of up to 50%, according to local reporting from KGW and the Portland Business Journal.
What stands out to us is that developers believed Portland was a luxury market to begin with and, more ambitiously, one capable of supporting a high-end mixed-use skyscraper that includes a Ritz-Carlton hotel and retail space.
Now Christie's International Real Estate Evergreen has been brought in to sell the mostly vacant luxury residences at Block 216 tower, which begin on the 21st floor.
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Only 11 of the 132 luxury units have sold since the building opened in 2024. As part of the brokerage’s strategy, pricing has been aggressively discounted.
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One-bedroom units previously listed between $1.2 million and $1.7 million are now starting at $600,000. Two-bedroom units that once sold for $2.1 million to $2.6 million are now listed at $1 million. Three-bedroom units are now listed at $1.6 million, down from as much as $3.3 million, according to KGW.
The new listing broker was engaged by Ready Capital, which assumed ownership of the tower last summer after the property fell into foreclosure. The building is Portland’s tallest residential tower at 460 feet and 35 stories, and was hyped up in the early Covid era as a symbol of downtown revival.
However, Portland is full of political dysfunction under Democratic control and is home to radical left groups, such as Rose City Antifa.
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Why would buyers commit to ultra-luxury living in a city with the left wing running City Hall?
Furthermore, who at Ritz was like, "Yes, let's build a tower in Portland"? |
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