Condado Real Estate Market 2026: What the Latest Sales Data Shows

Condado has long been one of Puerto Rico’s most established luxury residential markets.

But the 2026 data reveals something more interesting than simply rising prices.

The type of real estate being offered in Condado is changing.

Based on an InvEstate Puerto Rico analysis of a 2026 MLS market snapshot, we identified 60 closed transactions within the Condado market through August 20, 2026, representing approximately $73.9 million in closed sales volume.

The median closed price was approximately $925,000, while the median sold price per square foot was approximately $630/SF.

But those neighborhood-wide figures tell only part of the story.

Established condominium buildings continue to produce sales across a broad range of price points, while projects such as Vanderbilt Residences and The ICON are introducing a new generation of luxury inventory at substantially higher pricing tiers.

The better question for 2026 is therefore not simply:

“Is Condado getting more expensive?”

It is:

“Is new development changing the composition of the Condado market?”

The data suggests it is.

Condado Real Estate Market 2026: Key Numbers

Based on the Condado transactions identified in the MLS dataset analyzed by InvEstate Puerto Rico:

The first important takeaway:

Properties closing at $1 million or more represented approximately 43% of transactions but generated roughly 69% of total closed dollar volume.

Condado is clearly a luxury market.

But it is not one uniform luxury market.

The Median Condado Sale Was $925,000

The median closed price among the 60 transactions analyzed was approximately:

$925,000

The average was considerably higher:

$1.23 million

That difference reflects the influence of larger luxury transactions at the upper end of the market.

The highest closed transaction identified in the Condado dataset reached $5.2 million, while several other sales exceeded $3 million.

At the opposite end, the analyzed closed transactions began below $400,000.

That range alone demonstrates why one neighborhood-wide average cannot establish the value of an individual Condado residence.

A smaller unit in an established condominium, a renovated oceanfront residence and a large luxury penthouse may share a Condado address while competing for completely different buyers.

43% of Sales Generated 69% of the Dollar Volume

Of the 60 closed transactions analyzed:

26 sold for $1 million or more.

Those transactions generated approximately:

$50.64 million

of Condado’s approximately $73.91 million in analyzed closed volume.

In other words:

43% of the transactions produced approximately 69% of the dollar volume.

That concentration is important.

It confirms that higher-end properties have an outsized influence on neighborhood-wide averages.

For buyers and sellers, it also reinforces the importance of analyzing the building and property type, not simply the neighborhood.

Cash Remains a Major Force in Condado

Cash represented:

40 of 60 closed transactions — approximately 67%.

Among transactions of $1 million or more, approximately:

69% were cash purchases.

That does not mean financing is uncommon or unavailable.

It does show that cash buyers remain a significant part of the completed Condado market, including at higher price points.

For buyers competing for desirable residences, terms and transaction structure can therefore matter in addition to price.

The Median Sold Price Was Approximately $630/SF

Across closed transactions with usable square-footage data, the median sold price per square foot was approximately:

$630/SF

But this may be one of the easiest Condado statistics to misuse.

The dataset contains a substantial range in closed $/SF.

Properties can trade very differently depending on:

• building,
• floor,
• ocean or lagoon exposure,
• renovation,
• interior size,
• terraces,
• parking,
• amenities,
• building condition,
• and scarcity.

At the upper end, individual closed residences exceeded $1,000/SF, while other transactions traded substantially below the neighborhood median.

That does not necessarily make one property overpriced or another a bargain.

Price per square foot is a tool. It is not a valuation by itself.

Condado Is Becoming a Building-by-Building Market

This may be the most important interpretation of the 2026 data.

Condado contains several increasingly distinct residential categories.

There is established condominium resale.

There are renovated oceanfront residences.

There are larger luxury condominiums and penthouses.

And now there is a growing category of:

next-generation luxury development.

That final category is beginning to change the upper end of the inventory available to buyers.

Vanderbilt Residences Is Introducing a New Luxury Tier

Vanderbilt Residences is one of the clearest examples.

Located on Ashford Avenue, the project contains 66 units, with 50 intended for sale as residences and 16 for full-time tourism use. In June 2026, the developer said the first units were beginning delivery that month.

The implications for Condado are significant.

Our MLS snapshot contains two Vanderbilt residences in pending status at approximately:

$5.43 million

and

$6.82 million

These are not closed sales.

That distinction matters.

But they provide evidence that buyers and sellers are engaging at pricing levels well above the median Condado resale transaction.

Vanderbilt therefore represents something more nuanced than “Condado prices went up.”

It represents a different residential product entering the market.

→ Vanderbilt Residences Condado: Luxury Living & Real Estate Guide

Pending Does Not Mean Closed

The Vanderbilt transactions illustrate an important principle.

Active asking price tells us where a seller or developer wants the market to go.

Pending status tells us that a property is under contract.

Closed price tells us where the transaction actually completed.

Those data points should not be used interchangeably.

A pending Vanderbilt residence above $6 million does not automatically establish the value of an existing condominium several blocks away.

Likewise, an older Condado resale does not necessarily establish the appropriate value for newly constructed luxury inventory.

The comparable set needs to reflect the property.

The ICON Adds Another New-Construction Category

Vanderbilt is not the only project changing Condado.

The ICON is another major new residential development on Ashford Avenue.

The project contains 32 residences and approximately 5,000 square feet of indoor and outdoor amenity space. Current project information lists occupancy in 2026, while construction reporting has pointed to delivery around late 2026.

The ICON is particularly useful for understanding Condado because it demonstrates that:

Even new construction is not one comparable category.

Vanderbilt and The ICON differ in scale, residence configuration, amenities, positioning and pricing.

They should not automatically be valued against each other simply because both are new developments on Ashford Avenue.

→ The ICON Condado: What Buyers Should Know

New Construction vs. Resale Is Becoming a Critical Comparison

The arrival of new construction creates a challenge when interpreting market statistics.

Imagine an established Condado condominium closing at $700/SF while a newly constructed residence nearby is marketed substantially above $1,500/SF.

It would be tempting to conclude:

“Condado appreciated dramatically.”

But that may not be what happened.

The difference may instead reflect:

• new construction,
• architecture,
• ocean exposure,
• larger floor plans,
• amenity packages,
• concierge services,
• parking,
• finishes,
• construction costs,
• scarcity,
• and a different target buyer.

This is why new-development pricing should not automatically be applied to existing resale inventory.

→ Condado New Construction vs. Resale: What Buyers Should Know

The Grove Shows Why Property Type Matters

At the eastern edge of the Condado/Ocean Park corridor, The Grove at Carrión Court provides another example.

The developer describes the project as an exclusive collection of eight townhomes, each offering more than 6,300 interior square feet, with rooftop, gym, terrace and pool. The project describes its location specifically as the intersection of Condado Beach and Ocean Park.

A publicly marketed residence has been under contract at $6.8 million.

We did not include that $6.8 million transaction in Condado’s closed-sale statistics above.

Why?

First, it has not closed.

Second, its location and product type deserve separate treatment.

A 6,000+ square-foot new-construction townhome should not be casually averaged with traditional Condado condominium sales.

That is precisely the type of distinction buyers need when analyzing this market.

→ The Grove at Carrión Court: Luxury Townhomes Near Condado

New Development Is Changing the Inventory — Not Necessarily Every Existing Property

This distinction is essential.

When multimillion-dollar new developments enter a neighborhood, the median asking price of available inventory can rise even if the underlying resale market has not appreciated by the same percentage.

The composition changed.

That is different from saying every property became more valuable at the same rate.

As Vanderbilt begins producing completed transactions and The ICON moves toward delivery, Condado will gain additional closed-sale evidence for this new product category.

Until then, buyers and sellers should distinguish:

resale evidence

from

new-development positioning.

What the 2026 Data Means for Buyers

For buyers, Condado increasingly rewards building-specific analysis.

If you are considering an established condominium, start with sales from that building and comparable nearby properties.

If you are evaluating Vanderbilt Residences, analyze Vanderbilt as a new luxury product rather than simply applying the neighborhood median.

If you are considering The ICON, understand how its size, amenities and positioning differ from both Vanderbilt and existing Condado inventory.

And when evaluating a penthouse or unusually large residence, the $925,000 neighborhood median may tell you almost nothing about that particular property.

The question should always be:

Compared with what?

What the 2026 Data Means for Sellers

For sellers, the new-development cycle creates both opportunity and risk.

A multimillion-dollar asking price at a new project can support the broader perception of Condado as a luxury market.

But it does not automatically become a comparable sale.

Buyers can see the same market data.

A defensible pricing strategy should explain why the residence competes with the properties being used as comparables.

Building.

Condition.

Floor.

View.

Size.

Parking.

Amenities.

Renovation.

And actual closed evidence all matter.

Prestige creates context. It does not replace comparability.

Is Condado Becoming More Expensive?

In some segments, higher pricing is clearly entering the market.

But the better interpretation of the 2026 evidence is:

Condado is becoming more segmented.

The neighborhood continues to contain established residences trading below $1 million.

At the same time, more than two out of every five closed transactions in our analyzed sample exceeded $1 million.

Luxury sales generated approximately 69% of closed dollar volume.

And new projects are introducing residences at pricing levels several times higher than Condado’s overall median closed price.

So the story is not simply:

“Condado prices are going up.”

It is:

“Condado now contains more distinct luxury property categories.”

That distinction matters.

Frequently Asked Questions About the Condado Real Estate Market

What was the median closed price in Condado in 2026?

In the 60 closed transactions identified in the InvEstate Puerto Rico analysis, the median closed price was approximately $925,000.

That number should not be used by itself to value an individual residence because pricing varies substantially by building and property type.

What was the median price per square foot?

The median sold price per square foot among transactions with usable $/SF data was approximately $630/SF.

Individual properties traded both materially above and below that level.

How many Condado properties sold above $1 million?

In the analyzed dataset, 26 of 60 closed transactions, or approximately 43%, closed for $1 million or more.

Those transactions generated approximately 69% of total closed dollar volume.

Are most Condado buyers paying cash?

Cash accounted for approximately 67% of the closed transactions in the analyzed sample.

Among $1M+ transactions, approximately 69% were cash purchases.

Are Vanderbilt Residences included in the closed-sale statistics?

The Vanderbilt residences identified in this MLS snapshot were pending rather than closed, so they were not included in closed sales volume or closed-price statistics.

Is new construction more expensive than resale in Condado?

New-development pricing is currently positioned above much of Condado’s established resale inventory, but the two categories should not be compared without considering construction, amenities, size, location, view and other property-specific differences.

Is The ICON part of Condado?

Yes. The project is on Ashford Avenue in Condado and contains 32 residences, with occupancy/delivery targeted for 2026.

Can I use the average Condado price to value a property?

Not reliably by itself. Condado increasingly operates as a building-by-building market, making property-specific comparable sales more useful than a neighborhood-wide average.

The Bottom Line

The 2026 data reveals a Condado market in transition.

The 60 closed transactions analyzed generated approximately:

$73.9 million in volume.

The median closed price was:

$925,000.

And:

43% of transactions generated approximately 69% of total dollar volume.

But the bigger story may be what happens next.

Vanderbilt Residences is beginning delivery.

The ICON is approaching completion.

And boutique new-development product is adding another layer to San Juan’s luxury residential market.

Condado is therefore not simply becoming more expensive.

It is becoming more segmented.

For buyers and sellers, the right comparable increasingly depends on the building, product category and buyer pool — not simply the Condado address.

The right comparable isn't necessarily the closest property. It's the property competing for the same buyer.

Thinking About Buying or Selling in Condado?

At InvEstate Puerto Rico, we analyze the property behind the address — including relevant closed sales, competing inventory, building characteristics, new-development positioning and the specific factors affecting value.

If you're considering Vanderbilt Residences, The ICON, an established Condado condominium or another luxury residence in San Juan, contact us for private representation and a property-specific market analysis.

→ Living in Condado, Puerto Rico: Real Estate, Luxury Condos & New Developments

→ Vanderbilt Residences Condado

→ The ICON Condado

→ Condado New Construction vs. Resale

Market Data Note

This report is based on an InvEstate Puerto Rico analysis of an MLS export reviewed in September 2026. The source export contained 123 records and included properties from Condado and adjacent San Juan submarkets. For the Condado statistics presented in this report, clearly identifiable properties outside the Condado market were excluded. The resulting analyzed Condado closed-sale set contains 60 transactions through August 20, 2026. Pending transactions are discussed separately and are not included in closed-sale volume, median closed price or other closed-sale calculations. Market conditions and listing status may change.