Disclaimer: I am a Realtor and I live on Bay Grove Road.
Bay Grove is considered by many to be the premier area in Freeport, we love it. It is a tale of two roads, however. The south end of the road, on the bay, is lower and homes did flood during Ivan, and heavy rains fill yards. It is a mix of old fishing camps and newer, very nice homes (this is changing quickly, the fishcamps are on their way out.) There are more pines than hardwoods. The view of the sunset on the bay is incredible!
Further north, as the road turns along LaGrange and Mallet Bayous, the homes are more uniform, no trailers or fishcamps. There are many more old oaks and hardwoods (though no Eden Gardens,) and the land is higher- we had water in our yard from Ivan, but it got nowhere near any of the homes. Rain will fill the drainage ditches, but doesn't flood the yards so much. The bayous are also protected from the winds, even with a 15 knot wind our bayou is calm (mostly.)
I have seen values rise rapidly over the last 3 years on Bay Grove, and really expect that to continue, though how much is debatable. It gets down to the water, people will always want it and Bay Grove has some of the best around. Unlike the south side of the bay, the water is deeper. We have 3 foot year round depth at our dock, so most boats can navigate it. Mallet Bayou is also a total no-wake zone, so we don't get the jet-skiers out back.
Hope that helps.