Ritz Carlton Million-Dollar Condos at 50% Off: Progressive Portland’s Freefall Continues

Remember when building a luxury Ritz-Carlton tower in downtown Portland seemed like a brilliant idea? Fast forward to 2026, and we've got a 50% fire sale on units that can't even move at half price. What could go wrong with $7.85 million condos surrounded by open-air drug markets, zombie mini-marts, and streets you wouldn't walk at night?We're breaking down how this 460-foot skyscraper went from Portland's luxury flagship to an absolute albatross—with one-bedrooms slashed from $1.2M to $600K, two-bedrooms cut from $2.6M to $1M, and three-bedrooms gutted from $3.3M to $1.6M. Only 11 of 130+ units sold, and the lender is desperate to move inventory. We'll walk through the dystopian street-level reality, the appraiser's brutal analysis showing units priced 3.7X higher than downtown averages, and why even world-class finishes can't overcome external obsolescence when your neighborhood features hypodermic needles and human feces.Is this a buying opportunity or the perfect case study in timing over location? Will 50% off actually move the needle, or do these prices need to drop another 20%? Drop your thoughts below—and if you've experienced downtown Portland lately, share your stories.