Icon Bay Miami Market Update 2026: Prices, Rentals & Trends
The Icon Bay condominium at 460 NE 28th St in Miami’s Edgewater neighborhood continues to show steady performance in early 2026, with strong rental demand, stable pricing, and consistent inventory levels.
Q1 2026 Market Snapshot
- • Active Listings: ~25 units
- • Price Range: $630,000 to $2,500,000
- • Average Price: ~$945,000
- • Average Price per Sq Ft: ~$739
- • Active Rentals: ~11 units
- • Average Rent: ~$6,400/month
Pricing Trends
In the first quarter of 2026, Icon Bay units are trading within a wide range depending on layout, floor level, and view orientation. One-bedroom units typically start in the mid-$600,000s, while larger residences and penthouses can exceed $2 million.
Two-bedroom units, which represent the bulk of inventory, are commonly priced between $700,000 and $1.1 million, reflecting continued demand for mid-tier luxury waterfront properties.
Rental Market Strength
Icon Bay remains attractive to investors due to its strong rental performance. Monthly rents range from approximately $4,400 to over $13,500, with an average around $6,400 per month.
A recent March 2026 listing reached $7,250/month, reinforcing the building’s ability to command premium rents relative to older Edgewater inventory.
Why Icon Bay Still Performs
- • Waterfront location with direct Biscayne Bay views
- • Full-service amenities including concierge, pool, spa, and tennis courts
- • Proximity to Miami Design District, Wynwood, and Brickell
- • Competitive pricing versus newer luxury developments
Investment Outlook for 2026
Icon Bay continues to fall within the “value luxury” segment of Miami’s condo market. While newer developments may offer ultra-modern finishes, Icon Bay provides a strong balance of price, location, and rental income potential.
With steady inventory levels and consistent rental demand, the building remains a viable option for both primary buyers and investors seeking long-term appreciation and cash flow.
Conclusion
As of early 2026, Icon Bay stands as a stable and competitive option in Miami’s Edgewater market. Buyers benefit from increased inventory and pricing flexibility, while investors continue to capitalize on strong rental returns.
