Icon Bay

What’s Actually Inside Icon Bay

Icon Bay is one Miami-Dade County condominium declaration — ICON BAY CONDO — at 460 NE 28 Street in Edgewater. The county’s roll carries 300 folios; 299 are residential homes and one is a ground-floor commercial store, which I’ve excluded from every number that follows.

Homes run from 854 to 2,569 square feet, median 1,107. The bed mix is concentrated in 2-bedroom layouts: 213 of the 299 homes, 71.2%, are 2-bedroom, with 34 (11.4%) 1-bedroom, 36 (12.0%) 3-bedroom, 12 (4.0%) 5-bedroom, and a small run of 4 (1.3%) 4-bedroom units. On the 2026 tax roll, assessed values across the 299 homes run from $364,463 to $2,159,064, median $588,762.

I don’t have a confirmed year built, story count, architect or amenity list — none of that is in the county’s property record, and I’d rather say so than fill it from memory or a listing site.

Is Icon Bay’s Market Actually Cooling?

78 qualified sales closed across the building over those four years, against 299 homes — a turnover of one home in 15 each year, a healthier sample than most buildings I’ve worked from. 2026 is an incomplete year: the 12 sales above run only through late August.

I lead with $/sq ft, not price, because the two usually disagree when floorplates vary — but at Icon Bay they don’t, and that agreement is itself worth noting. Median price fell from $800,000 to $715,000, down 10.6%. Median $/sq ft fell from $725 to $644, down 11.1%. Both lines tell the same story: this building has softened, consistently, for four straight years, with 2024’s small uptick ($735/sf) the only year that broke the pattern. With 12 to 33 sales in every year of the window, and 78 across the whole four years, I’m comfortable calling this a real direction, not a thin-sample artifact — though the 11.1% figure is the four-year total, and the year-over-year pace has clearly slowed since the 2025 drop.

One nuance worth flagging: the building’s single highest recorded sale and its single highest recorded rate per square foot belong to two different homes. The record price is $3,400,000 (10/16/2020, unit 4304, 2,569 sq ft) — $1,323/sf. The higher rate per foot, $1,344/sf, belongs to a smaller sale: $3,025,000 for unit 4303 (6/11/2024, 2,250 sq ft). The building’s own $/sq ft band across 2023–26 runs $443 to $1,344, median $720.

One Home, Two Sales, A Year Apart

The cleanest evidence I have for the direction above doesn’t come from a median across dozens of different homes — it comes from one unit selling twice. Unit 4104, 2,569 square feet, closed at $2,450,000 on 3/13/2025 ($954/sf). The identical unit closed again exactly one year later, 3/13/2026, for $2,000,000 ($779/sf) — an 18.4% decline on the same floorplate, same walls, same view, twelve months apart. Both sales are recorded as qualified, arm’s-length transactions in the county record.

That single repeat sale doesn’t prove a building-wide rate of decline — it’s one home — but it’s a data point that can’t be explained away by a change in unit mix or floorplate size the way a median price sometimes can, and it lines up with the four-year $/sq ft trend above rather than contradicting it. The same unit also sold once further back, for $2,250,000 in October 2015 ($876/sf), so I have three data points on this exact floorplate spanning eleven years: $876/sf, then $954/sf, then $779/sf most recently.

It’s worth being precise about what this does and doesn’t say about the building’s longer history. Looking at every home that has completed a documented round trip — bought and later sold, both legs a qualified, arm’s-length transaction — 191 of the 299 homes have one. 134 gained value, 57 lost, with a median gain of 15.3% over a median 6.6-year hold, and a range from -30.0% to +91.7%. That record mostly reflects sales made in the 2015-2020 era reselling later; it predates the four-year softening documented above and shouldn’t be read as evidence against it. The two windows are simply measuring different periods — a buyer looking at Icon Bay today is buying into the recent trend, not the decade-long one.

Who Icon Bay Fits Best

This is a building with real liquidity by the standards of this dataset — one home in 15 a year, 78 qualified sales across four years — which makes it a reasonable choice for a buyer who wants a resale market with real depth to lean on, and for an investor comparing against a genuine, recent comp set rather than a handful of stale sales. The size range (854 to 2,569 sq ft) and the dominant 2-bedroom mix (71.2% of homes) point at a primary-residence or rental-hold buyer more than a trophy-unit buyer.

What this building does not currently offer is price momentum. Four straight years of falling or flat $/sq ft, confirmed by the same-unit repeat sale above, means a buyer here should not count on near-term appreciation as part of the thesis — the liquidity is real, the recent price direction is down.

To a seller: with 12 to 33 comparable sales closing every year, you have more genuine price discovery here than in a thin-turnover building — use it. I’d price against the building’s current $443–$1,344/sf band and the most recent quarters specifically, not against 2023 or 2024 comps, given the consistent softening documented above.

Interested in selling at Icon Bay?

Learn more about selling your condo at Icon Bay with Josh Stein.

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Edgewater Condo & Loft Buildings

Edgewater runs along Biscayne Bay between the Venetian Causeway and the Julia Tuttle. Every building below is covered in this series, with its own county sales record:

• 1800 Biscayne Plaza
• 1800 Club
• Aria on the Bay
• Bay House
• Biscayne Beach
• Blue Condominium
• Cite on the Bay
• City 24
• Edgewater Lofts
• Elysee Miami
• Gallery Art Condominium
• Gran Paraiso
• Moon Bay
• New Wave
• One Paraiso
• Onyx on the Bay
• Opera Tower
• Paraiso Bay
• Paramount Bay
• Platinum Condo
• Quantum on the Bay
• The Crimson
• The Grand Condos Miami
• Uptown Lofts