Virginia Beach Condos for Sale

Where the Condos Are in Virginia Beach

Four clusters, four very different prices

Most of the condo inventory sits in four places. The Oceanfront has the resort towers and the older walk up buildings along Atlantic and Pacific Avenues, and that is where the widest price range is, from older one bedrooms to new oceanfront units well over $1,000,000. Town Center has the high rise and loft style buildings above the shops and restaurants, mostly in the $400,000s and $500,000s. Shore Drive and Chic’s Beach have the bay front condos, from small older buildings to newer mid rises. The fourth cluster is the garden style and townhouse style condo communities along the Lynnhaven corridor, in Green Run, Kempsville and Timberlake, which is where most of the condos under $250,000 are found.

What the Condo Fee Covers in Virginia Beach

Ask what is in it before you compare prices

Two condos at the same price can cost very different amounts to own once the fee is added. In most Virginia Beach buildings the monthly fee covers the master insurance policy, the exterior, the grounds, trash and water, and in the towers it also covers the elevators, the pool and the front desk. What it almost never covers is your own contents insurance, your flood coverage for the unit, or a special assessment when the building needs a roof or a garage repair. Ask for the budget, the reserve study and the last two years of meeting minutes, and read the minutes first, since that is where the problems show up.

FHA and VA Approval for Virginia Beach Condos

The question most buyers do not know to ask

If you plan to use a VA loan or an FHA loan, the building itself has to be approved, and so do you. The VA keeps a public list of approved condo projects, and a good share of the established Virginia Beach buildings are on it, but plenty are not, and a few have been approved and later dropped. The same is true of FHA, which approves projects for set periods. Before you fall for a unit, check the building on the VA and HUD lists, or ask us to, since a building that is not approved cannot be financed with either loan no matter how strong the buyer.

Flood Insurance and Virginia Beach Condos

The building’s policy is not your policy

A lot of Virginia Beach condos sit near the ocean, the bay or the Lynnhaven River, and many of those buildings are in a FEMA flood zone. The association usually carries a flood policy on the structure, but that does not cover your unit’s finishes or your belongings, and lenders in a high risk zone will often require a policy in your name. Ask for the elevation certificate and the association’s flood policy, and get a quote for a contents policy before you make an offer. Each neighborhood page on this site shows the share of recent sales that fell in a flood zone, and the oceanfront and bay side numbers are the ones to read.

Renting Out a Virginia Beach Condo

Short term rentals are building by building

Many buyers look at condos here as a second home that pays for itself part of the year, and that can work, but the rules are set at two levels. The city regulates short term rentals by district, and the resort area and Sandbridge have their own overlay rules and registration requirements. On top of that, each association sets its own policy, and plenty of buildings ban rentals under 30 days or cap the share of units that can be rented at all. Ask for the rental rules in writing before you write an offer, and look at the surrounding units to see how many are already rentals.

Buying a Condo in Virginia Beach

Start with the building, then the unit

Browse the condos for sale above, or narrow the search by price, from condos under $200,000 up to the luxury end, and by neighborhood using the pages above. When you have a few in mind, register for a free account to save them and get an email the day a new unit in that building is listed. Then contact our Virginia Beach Realtor, and we will pull the association documents and the approval status before you spend a Saturday touring.