ChicagoDowntown / Loop

Coldwell Banker scores year’s second-highest condo lease at $18K

by Joe Zekas on 7/16/13

Yesterday’s email included the following:

Coldwell Banker Residential Brokerage announced today it has brokered an off-market lease on a luxury condo in the prestigious Waldorf Astoria at 11 E. Walton for $18,000 a month through the brand’s luxury division, Coldwell Banker Previews International. This rental contract goes on the record as the second highest condominium lease in 2013 in the City of Chicago. This notable lease was secured by Coldwell Banker Previews Agents John O’Neill and Irina Ovrutsky.

“With this lease being one of the most significant to date this year in Chicago, I think it represents a growing trend in the city’s real estate scene that the luxury market continues to grow and get stronger,” said O’Neill. “It also shows that the downtown Chicago market is on par with New York, Los Angeles and Miami for high-end buyers and renters interested in luxury living.”

A quick sampling of the New York market indicates that Chicago’s rental inventory lags New York’s on price in the upper brackets. I set $20K as a minimum monthly rental price at Corcoran.com and found 38 properties listed. A search at Halstead.com surfaced 16 matches.

A search of rentals priced at $20K and above in the Chicago area surfaced two MLS-listed properties, one in the city and one in Winnetka.

Note: Coldwell Banker is one of our parent firm’s clients.

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