The ICON Condado: What Buyers Should Know
Condado · New Developments · Luxury Real Estate · Buyer Guides Lizvette Robles September 18, 2026
Condado · New Developments · Luxury Real Estate · Buyer Guides Lizvette Robles September 18, 2026
Condado’s luxury real estate market is changing.
For decades, the neighborhood has been defined primarily by established condominium buildings along Ashford Avenue and the surrounding oceanfront streets.
Now, a new generation of residential development is introducing a different type of inventory.
The ICON, located at 1120 Ashford Avenue, is part of that transition.
Positioned just one block from Condado Beach, The ICON combines contemporary architecture, large-format residences and a boutique residential environment in the center of one of San Juan’s most walkable neighborhoods.
For buyers, however, the important question is not simply:
“Is The ICON new?”
It is:
“How does The ICON compare with the other choices available in Condado?”
That requires looking beyond renderings and asking prices to understand the residence, floor, exposure, amenities, delivery timeline and how the project fits within Condado’s broader resale and new-construction markets.
The ICON is a new luxury condominium development located at:
1120 Ashford Avenue
Condado, San Juan, Puerto Rico
Current MLS marketing describes The ICON as a boutique collection of 30 two- to four-bedroom residences, designed around ocean and city views and larger contemporary living spaces.
The building is scheduled for Winter 2026 delivery.
Its location is particularly significant.
The ICON sits just off Ashford Avenue and approximately one block from Condado Beach, placing residents within walking distance of restaurants, cafés, hotels, schools, medical facilities, shopping and many of Condado’s primary lifestyle destinations.
For buyers relocating from urban markets where walkability matters, that combination can be difficult to replicate elsewhere in Puerto Rico.
Feature | The ICON |
|---|---|
Address | 1120 Ashford Avenue |
Neighborhood | Condado, San Juan |
Property Type | New luxury condominium |
Current MLS Description | Boutique collection of 30 residences |
Configurations | 2–4 bedrooms |
Amenities | Approx. 5,000 SF across three levels |
Delivery | Winter 2026 |
Beach Proximity | Approx. one block from Condado Beach |
Interior Design | Palacios |
Kitchens | Molteni&C with Sub-Zero & Wolf appliances |
Setting | Urban / ocean and skyline views |
The relatively limited number of residences is an important part of The ICON’s positioning.
Rather than attempting to create a large resort-style residential environment, the project offers a more boutique approach to new construction in Condado.
The ICON occupies an interesting position in the Condado market.
It is neither a traditional established condominium nor a large resort-style residential development.
Instead, it combines:
boutique scale,
new construction,
contemporary floor plans,
modern amenities,
and
a central Ashford Avenue location.
That distinction matters when evaluating value.
A buyer considering The ICON should not automatically compare it with every condominium located within a few blocks.
The better comparable is a property competing for the same buyer.
→ INTERNAL LINK: Condado Real Estate Market 2026: What the Latest Sales Data Shows
Our analysis of Condado’s 2026 closed transactions found a median closed price of approximately $925,000 and median sold pricing of approximately $630 per square foot.
The ICON’s current new-development asking prices are materially higher.
That does not automatically mean The ICON is overpriced.
It means it represents a different product category.
The ICON’s residences are designed around open living spaces, natural light and views toward Condado Beach, Condado Lagoon and the surrounding San Juan skyline.
Floor-to-ceiling windows are a defining architectural element.
Interiors by Palacios incorporate natural materials and contemporary finishes, while primary bathrooms use natural stone and Kohler fixtures.
The kitchens are another notable component of the residences.
They are designed by Italian luxury brand Molteni&C and paired with integrated Sub-Zero and Wolf appliances, including refrigerator and freezer systems, cooktops, wall ovens, dishwashers and wine refrigeration.
For a buyer, these specifications are relevant because part of the premium associated with new construction comes from receiving a residence that does not immediately require the level of renovation often associated with older Condado inventory.
Current publicly marketed inventory provides useful insight into how The ICON is being positioned.
Recent offerings include:
3 bedrooms | 3.5 bathrooms
Approx. 2,422 SF
Asking approximately $2,625,000
That equates to approximately:
$1,084/SF
3 bedrooms | 3.5 bathrooms
Approx. 2,422 SF
Asking approximately $2,865,000
Approximately:
$1,183/SF
4 bedrooms | 4.5 bathrooms
Approx. 2,983 SF
Asking approximately $4,250,000
Approximately:
$1,425/SF
These are asking prices.
They are not closed-sale evidence.
That distinction is essential when evaluating The ICON — or any new development.
An asking price tells us where the property is being positioned.
A pending transaction tells us that a buyer and seller have reached an agreement subject to closing.
A closed transaction tells us where the market actually completed the transaction.
Those three data points should never be treated as interchangeable.
Current ICON inventory demonstrates another important principle.
Residence 502 and Residence 702 each contain approximately 2,422 square feet, yet their asking prices differ.
That is not unusual.
In luxury condominium real estate, buyers are not purchasing square footage alone.
They are also purchasing:
That is why even two units with the same floor plan should not automatically receive the same valuation.
Same building does not necessarily mean same value.
The ICON also demonstrates why price per square foot needs to be interpreted carefully.
Current asking inventory ranges from approximately the low $1,000s/SF into the $1,400s/SF depending on the residence.
By comparison, our analyzed 2026 Condado resale market produced a median closed price of approximately:
$630/SF
→ INTERNAL LINK: Condado Real Estate Market 2026
It would be easy to look at those numbers and conclude that Condado values have doubled.
That would be an oversimplification.
The two figures represent different property categories.
The ICON offers new construction, contemporary interiors, newer building systems and amenities that may not exist in established resale properties.
The relevant question is not:
“Why is The ICON above the Condado median?”
It is:
“What premium is the market willing to pay for this particular product?”
As more new-construction transactions close, the market will have better evidence to answer that question.
The development plans approximately 5,000 square feet of indoor and outdoor amenity space across three levels.
The current amenity program includes:
Current listings also include residences with two parking spaces, EV charging and storage, although buyers should confirm exactly what is conveyed with the specific residence being considered.
The amenity package reinforces The ICON’s boutique positioning.
But buyers should evaluate more than the amenity list.
They should also understand:
What will those amenities cost to operate?
That means reviewing the condominium budget, HOA structure, reserves, insurance and projected operating expenses before purchasing.
→ FUTURE INTERNAL LINK: What Does It Cost to Own a Condo in Condado?
One of the most natural comparisons for a Condado new-construction buyer is:
The ICON vs. Vanderbilt Residences.
Both are located along Ashford Avenue.
Both represent a new generation of luxury inventory.
Both target buyers seeking premium urban living in Condado.
But they are not the same product.
Boutique residential scale
Approx. 5,000 SF of amenities
One block from Condado Beach
Current asking inventory roughly in the $2M–$4M+ range
Larger development
66 total units
Approx. 25,000 SF of amenities
Direct oceanfront positioning
Extensive hospitality-oriented services
Current inventory and pending transactions reaching substantially higher multimillion-dollar levels
→ INTERNAL LINK: Vanderbilt Residences Condado: What Buyers Should Know
Neither project is automatically better.
They offer different ownership experiences.
A buyer who prioritizes direct oceanfront positioning and a larger amenity ecosystem may prefer Vanderbilt.
A buyer who values boutique scale and wants new construction within the Ashford Avenue corridor may find The ICON compelling.
And for some buyers, an established Condado condominium may make more financial sense than either.
The right choice depends on the buyer.
This may actually be the more important comparison.
Our analysis of 60 closed Condado transactions from the 2026 MLS market snapshot found:
$73.9 million in closed volume
$925,000 median closed price
$630/SF median sold price
43% of transactions above $1 million
and
67% of closed transactions purchased with cash.
→ INTERNAL LINK: Condado Real Estate Market 2026
The ICON’s current asking inventory sits well above those neighborhood-wide resale figures.
But that does not automatically make resale a better value.
Nor does it automatically make new construction superior.
The buyer needs to determine what the premium buys.
A new-construction premium can represent several things.
At The ICON, buyers may be paying for:
Some buyers will value those characteristics substantially.
Others may prefer to purchase a larger established residence and renovate it to their own specifications.
Neither strategy is automatically correct.
The analysis should compare:
purchase price + renovation + HOA + ownership costs + building characteristics + eventual resale position.
→ FUTURE INTERNAL LINK: Condado New Construction vs. Resale: What Buyers Should Know
The ICON is currently being marketed for Winter 2026 delivery.
That matters because buyers purchasing pre-construction or under-construction property face considerations that do not exist in the same way with completed resale properties.
Before purchasing, buyers should understand:
A rendering is not the contract.
Neither is a marketing brochure.
The purchase agreement and supporting project documentation ultimately define the buyer’s rights and obligations.
Understand deposits, deadlines, contingencies, default provisions and delivery terms.
Review the declaration, bylaws, house rules and proposed condominium structure.
Determine the projected monthly fee and what services are included.
Understand the master policy and the coverage the individual owner will need.
Confirm exactly what is deeded, assigned or otherwise conveyed with the residence.
Understand what systems have backup power and how water service is supported during interruptions.
Confirm appliances, finishes, flooring, fixtures and other items included in the purchase.
Understand what constitutes completion and what inspection or punch-list process applies.
Review condominium rules before assuming that any particular rental strategy is permitted.
Compare The ICON not only with other new developments, but with renovated and established Condado residences that could satisfy the same buyer.
The ICON may appeal particularly to buyers seeking:
Buyers who do not want to undertake a significant renovation may value a newly delivered residence.
A limited number of residences creates a different environment from a larger condominium development.
The location provides immediate access to the Condado lifestyle.
Condado Beach is approximately one block away.
Condominium ownership with security and concierge services may appeal to buyers who travel frequently or use Puerto Rico as a second residence.
Buyers prioritizing modern interiors, glass, views and integrated luxury appliances may find the product particularly attractive.
It can be.
Condado is frequently considered by relocation buyers because it provides an urban lifestyle that is relatively uncommon elsewhere in Puerto Rico.
Restaurants, cafés, schools, medical facilities, hotels, fitness options and the beach are concentrated within a compact area.
For someone relocating from New York, Miami, Boston or another major city, that walkability can feel familiar.
But relocation buyers should still compare Condado with other Puerto Rico markets.
Someone seeking acreage, golf, gated resort amenities or greater residential separation may prefer Dorado or Bahia Beach.
Someone seeking an urban, walkable, coastal environment may prefer Condado.
→ INTERNAL LINK: Living in Condado, Puerto Rico: Real Estate, Luxury Condos & New Developments
The ICON is located at 1120 Ashford Avenue in Condado, San Juan, Puerto Rico.
Current MLS marketing describes the development as a boutique collection of 30 two- to four-bedroom residences. Because project counts published by different sources have varied during the development cycle, buyers should confirm the final condominium structure in the current offering and condominium documents.
Current MLS listings state a projected Winter 2026 delivery.
The ICON is not directly on the beach. The project is located approximately one block from Condado Beach.
That distinction is important when comparing it with directly oceanfront properties.
The project plans approximately 5,000 square feet of amenities across three levels, including a rooftop pool, residents’ lounge, outdoor kitchen, fitness center, business lounge, children’s playroom, security and concierge services.
Current asking inventory includes residences from approximately the mid-$2 million range into the $4 million+ range, depending on size, floor and configuration.
Availability and pricing can change.
No.
Current publicly marketed prices are asking prices and should not be interpreted as completed comparable sales.
The ICON offers a smaller boutique environment and is located approximately one block from Condado Beach. Vanderbilt is directly oceanfront and has a substantially larger amenity and hospitality-oriented program.
The best choice depends on the residence, budget and buyer’s priorities.
Current asking prices are materially above Condado’s overall 2026 resale median, but new construction and established resale represent different property categories.
Rental rules should be confirmed from the current condominium documents before purchasing. Buyers should not assume that a particular rental strategy is permitted based solely on the location.
The ICON represents another important step in Condado’s evolution.
It brings contemporary new construction, larger luxury residences and a boutique ownership experience to one of San Juan’s most established residential neighborhoods.
But its significance extends beyond the building itself.
The ICON, Vanderbilt Residences and other new luxury projects are creating a new category of inventory that increasingly sits alongside — rather than directly within — Condado’s traditional resale market.
That makes comparison more complicated.
And more important.
A $4 million new-construction residence should not automatically establish the value of an existing condominium nearby.
Likewise, Condado’s neighborhood-wide median should not automatically determine the value of a newly constructed residence at The ICON.
The right comparable is not necessarily the closest property.
It is the property competing for the same buyer.
At InvEstate Puerto Rico, we help buyers evaluate new development within the context of the broader market — including current inventory, comparable transactions, project documentation, ownership costs and alternative properties.
If you are considering The ICON, Vanderbilt Residences or an established luxury condominium in Condado, we can help you compare the options before making a decision.
→ INTERNAL LINK: Living in Condado, Puerto Rico: Real Estate, Luxury Condos & New Developments
→ INTERNAL LINK: Condado Real Estate Market 2026: What the Latest Sales Data Shows
→ INTERNAL LINK: Vanderbilt Residences Condado: What Buyers Should Know
→ FUTURE INTERNAL LINK: Condado New Construction vs. Resale: What Buyers Should Know
→ FUTURE INTERNAL LINK: What Does It Cost to Own a Condo in Condado?
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