Pearl’s Wyatt bails out of condo tower market

When developer Bob Ball decided to downgrade the condominiums in his high-profile, 15-story tower, The Wyatt, to apartments, he believed the market was trying to tell him something simple: There are too many condo units in the Pearl District. The market is too slow.

“It’s always prudent to respond to the market accordingly,” Ball said. “And our goals are to make the place livable and improve the neighborhood.”

Located at 1001 N.W. 14th Ave., the property is rising amid a flush of Pearl District condominiums. Portland developers are pushing urban living as an alternative to the suburbs in the hopes of drawing more dwellers to the urban core.

Current listings for the Pearl District show 173 condo units on the market, with an average listing price of $665,000. The market spectrum is wide, however: The highest listing price is $3.2 million and the lowest is $142,000, according to the Regional Multiple Listing Service.

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