1885 Grand Bay Drive
Virginia Beach, VA 23456 · Grand Bay Condominium in Glenwood
Paul and Stuart, below is the CMA you requested — thank you again for the opportunity to be of service. This page brings together everything I reviewed to estimate the property’s value.
- Sections 1–2 cover the property itself and what’s happening in the market right now.
- Sections 3–5 walk through Glenwood, the recent sales around you, and Grand Bay Drive.
- Section 6 shows the estimated value if the home were in updated, good condition, along with who the most likely buyer would be.
- Section 7 will include the as‑is value — I’ll add that after I’ve seen the property in person.
Use the tabs to jump to any section. The blue buttons open the actual MLS listings with photos. You can save or print the full page using the button at the bottom. If anything raises a question, call or text me — I’m happy to walk you through it.
— Liz
The Property
A two-bedroom, two-bath low-rise condo built in 1991 in the Grand Bay community of Glenwood. Here are the facts the city, the tax records and the MLS have on file.
Property details
- Property type
- Low-rise condominium
- Community
- Grand Bay Condominium, Phase 2, Bldg 2
- Neighborhood
- Glenwood Condos (MLS Area 47, Div 418)
- Floor plan
- 944 SF main + 366 SF upper
- Heating / cooling
- Forced air, gas / central air
- Fireplace
- 1 (gas)
- Outdoor
- Wood deck (54 SF) · small storage shed
- Parking
- Assigned, no garage
- Exterior
- Vinyl siding, shingle gable roof
- Condo association
- Grand Bay Association, Inc.
- Condo fee
- $275 / month
- Special assessments
- None
- Condo resale package
- $317.95
- Management
- Atlantic Community Mgmt · 757-473-2626
- Schools
- Salem ES · Salem MS · Salem HS
- GPIN
- 14758273870027
Resources
Location
Assessment & taxes (FY 2026/27)
- Land
- $95,000
- Improvements
- $149,200
- Total assessed value
- $244,200
- Change vs. last year
- +$3,900 (+1.6%)
- Annual real estate tax
- $2,368.74
- Last recorded sale
- $90,000 (2002)
Assessed value is the city's tax figure, set each July 1. It is not the same as market value, but it's a useful reference point.
Assessed value history, FY 2008–2027
Hover or tap a point for the year. Values are the July 1 land-book figures.
The Market Right Now
Before we look at your street, here is what's shaping buyer and seller behavior across Hampton Roads this fall. After that, the numbers for Virginia Beach condos and townhomes specifically.
Rates are working against buyers
Freddie Mac's 30-year average was 6.95% on Sept. 17, 2026, up from 6.26% a year earlier. Higher payments shrink what buyers can afford, and condo buyers are often the most payment-sensitive.
Softening, but not a buyer's market
More homes are for sale than a year ago and they are taking a little longer to sell, but prices are holding. Homes that are updated and priced right still sell close to asking. Homes that need work or are overpriced are the ones that sit.
Fall seasonality
Buyer traffic thins after back-to-school and again around the holidays. Buyers still looking in Q4 tend to be serious, but there are fewer of them, so pricing it right from day one matters more.
Who has leverage? Sellers, for now
Two numbers tell us who has the edge. Months of supply is 2.4, below the roughly 3-month mark where a market starts to balance. Sellers are receiving 99.4% of list price. Both point to a market that still leans toward sellers, even though supply is up from last year. But that leverage holds only when a home is priced in line with recent comparable sales. Buyers now have more homes to compare, and an overpriced listing sits while buyers choose the one that's priced right.
Virginia Beach: attached homes (condos + townhomes), August 2026
Source: Domus Analytics / REIN MLS, updated 09/22/2026. YoY compares with August 2025; MoM compares with July 2026.
Glenwood Condos
Now we zoom in from the city to your neighborhood, in two parts. First, how the City values Glenwood condos for property taxes. Second, what Glenwood condos and townhomes are actually selling for.
3A How the city values Glenwood Condos (assessed value, for taxes)
Each year the City Assessor sets a value on every property to calculate real estate taxes. The City groups Grand Bay with the other Glenwood condo communities, 312 units in all. Assessed values follow the market, but they are not sale prices.
Source: City of Virginia Beach Real Estate Assessor, "Average Percent of Assessment Change of Residential Neighborhoods by District," FY 2026/2027 (Feb. 24, 2026).
3B What Glenwood attached homes sell for (median sales price)
This is the market side: actual closed sales of Glenwood condos and townhomes similar to yours, from the MLS.
Source: Domus Analytics / REIN MLS. In a small community, one month's median rests on only a few sales and can swing a lot. The 6-month sales in Section 4 give a fuller picture.
Glenwood Sales Activity: Last 6 Months
Every Glenwood condo that sold, or is listed now, from late March through September 22, 2026. Not all of these are direct comparables. This section shows how active the neighborhood is and how buyers are paying.
The 11 closed sales
Sold price vs. asking price
How buyers paid
7 of the 11 buyers used VA or FHA loans. Only 1 paid cash. VA and FHA loans require the home to meet minimum property standards before closing. That matters a lot for a home that needs work (see Sections 6 and 7).
Grand Bay Drive: Your Community
Grand Bay is a small community of about 49 units, so homes here don't come up for sale often. There have been no sales on Grand Bay Drive so far in 2026. The two most recent were in 2025.
Estimated Market Value
This section estimates what the home would sell for in updated, good condition. It starts with the online estimates, then moves to the comparable sales that actually set value.
6A Online estimates (AVMs)
What is an AVM?
An automated valuation model (AVM) is a computer estimate of value, like the Zillow "Zestimate" or the Redfin Estimate. It is calculated from public records, such as square footage, bedrooms, tax assessments and nearby sales.
An AVM can't walk through the home. It doesn't know whether the kitchen is original or remodeled, or whether the HVAC works. It can also be thrown off in a small community with few recent sales.
Why include them?
You and every buyer will see these numbers online, so it's useful to know where they land. They are a reference point to compare against the comparable-sales analysis below.
When the AVMs and the comps agree, that gives more confidence in the value. When they don't, the comps win: they are real sales of similar homes, adjusted for differences, and they are what an appraiser will use.
What the AVMs say about 1885 Grand Bay Dr
Realist (CoreLogic) confidence score: 87, range $226,500–$267,700.
6B Comparable sales
Glenwood condos within 1 mile, built within 5 years of yours, similar in size, sold in the last 6 months.
Where the comparables are
Tap a pin for details, or tap an address in the table to find it on the map. Pin locations are approximate.
Adjustments make each comp more like your home. Your unit is about 200 SF larger than most Glenwood comps, so comps get a plus for size. 5041 Heathglen has a garage and yours doesn't, so it gets a minus. Condition is handled by relying on comps in similar updated condition.
6C Estimated value range
How we got here
The Ideal Buyer (If the Home Is in Good Condition)
The value above assumes an updated home sold on the open market. The Glenwood sales data shows clearly who pays that price.
The likely buyer
- An owner-occupant buying a home to live in. Often a first-time buyer, who pays more than an investor.
- Financing with a VA loan. 6 of the last 11 Glenwood buyers used VA financing, and both 2025 Grand Bay sales closed VA. FHA was the next most common government loan.
- Payment-focused. With rates near 7%, they compare monthly payments more than list prices, and the $275/month condo fee is part of that payment.
- Looking for move-in ready. Many are stretching to buy and have little cash left over for repairs after closing.
Why VA financing stands out
Hampton Roads has one of the largest military and veteran populations in the country, and VA loans allow no down payment. That widens the buyer pool for a home at this price.
But VA loans come with two requirements: the condo community must be VA-approved, and the home must pass the VA appraisal's minimum property requirements (working systems, safe and sound condition). FHA has similar rules.
We market to every buyer. Virginia fair housing law protects military status, so any marketing highlights the financing the home qualifies for, not who should buy it. A full marketing strategy will follow once the home's condition is confirmed.
As-Is Value: Selling Without Repairs
The value in Section 6 assumes the home is updated. This section will show what the property is likely to sell for as-is, after deducting the work a buyer would need to do.
Coming after the property walk-through
As-is pricing depends on the condition of the kitchen, baths, flooring and HVAC. It also depends on whether the home can qualify for traditional financing with few or no lender-required repairs.