A report from the Oregonian. "A condominium building under construction near the Lloyd District has switched to rental apartments weeks before its scheduled opening. The developer of the Twenty Twenty building chalked up the switch to a softer real-estate market that had emerged in the two years since construction began. It’s a move reminiscent of the end of Portland’s condo boom in the 2000s, when thousands of under-construction condo units switched to rentals after sales came to a stop."

"The housing market generally slowed in 2018, with more homes for sale and less competition between buyers. That included an even bigger uptick in the number of existing high-end condominiums listed for sale by their owners. As a result, PHK Development founder Patrick Kessi said pre-sales at the building were slower than expected. 'Now, in 2019, the buyers are a little skittish,' said Kessi. 'The market’s just not quite ready for new condos right now.'"

"Sean Becker, a real estate broker who specializes in condominiums and has his office in the South Waterfront, said Portland is entering a buyer’s market for condominiums. That’s particularly true in the middle-market price points where many of Twenty Twenty’s units fall. 'We’re all in kind of a reset right now,' Becker said. 'I don’t know if there’s any one easy answer about it, but the condo market has definitely kind of flattened out.'"

"The rental market also has slowed, largely because of a raft of new buildings all opening their doors at the same time, many offering discounts and other incentives to lure renters and fill up vacant units faster. That slowdown has hit high-end apartment buildings the hardest."

"The increasing competition from new apartment buildings might also be hitting condo sales, Becker said. 'Ten years ago, if you wanted to live downtown or in the Pearl District, you had to buy a condominium,' he said. 'The consumer has more choices now than they ever had in urban living.'"