Since you're considering a lake front property in a community with a HOA, I'll just tell you our experience. We live in a community with several small "lakes", the lake we live on is not an issue, but one of the smaller lakes has issues and had to be drained and dredged etc., the cost was substantial and was split amongst the 100 homeowners in the HOA -- our dues are only $250 per year, but we as a whole are responsible for maintenance costs that exceed our annual dues. Check with your prospective HOA to see how things like this are handled. In addition, be very aware of the community covenants regarding fences, sheds, basketball goals, cars parked in the streets, RV's or boats parked in driveways. Some HOA's are worse than others. My son's HOA mowed his lawn when it started getting a little long (he's National Guard and was away on training for a few weeks). They promptly sent him a bill for the service along with a notice of infraction of the covenants. If you don't think you can live with the covenants, which you should get a copy of before you make your decision, then don't build in this community.

also, what will the community center be used for? Who will use it, and how will they get there (I'm wondering, lots of cars parked there every weekend?)

That might make a difference in the lot itself.

The lot where we are looking at is actually on a river and the community pier, fitness center, and pool will be next door. There will be community only parking there. It appears that there will be a garden between the pool and our lot/ public space as well as a maintenance building between us and the club house. Nothing is built yet.

There are a few lakes elsewhere on the property. There is a lot of waterfront and we would be on a lot with 100 ft between us and the water.

By the way the HOA fee includes front lot maintenance.

Thanks...

Here are my thoughts...
The people that get in power on the board for your HOA are usually real idiots who will mismanage the funds and make everyone's life a living hell. It doesn't matter what the price range of the community is. You have to live with this. The maintenance fees can and will go up especially if you have a lot of ammenities and not a lot of homes to offset the cost.

New construction homes typically come with no improvements so you have to put up some cash in the beginning for blinds, and appliances and whatever.

If you have a reputable builder who gives a warranty... or not... you will be fixing minor (hopefully it's minor) stuff for the first year or so.

If you're one of the first homes in the hood, you will be blessed with construcion noise for however long it takes to finish.

Now for some plusses, you get to live in what sounds like will be a well maintained community consisting of well to do residents and your property will probably be very desirable years down the road long after the community is closed out. You get a new house for less than a custom build on a city lot. (usually) You get ammenities that you will probably never use but even if you do, it's a lot cheaper than building your own tennis court. And last but not least, having neighbors is kind of nice sometimes if they are nice neighbors. If you have kids, there will be other kids to play with and other social events.

Things to look out for...
The placement of your lot... make sure it's not at the beginning of the community or you will have a lot of traffic passing by you. On the other hand if you are way in the back you will have to drive slowly through the neighborhood anytime you want to get somewhere. Make sure you're not on a thoroughfare where people will speed and not on a corner lot where people run stop signs and drive on your lawn. Sizes can be decieving. Make sure the driveways are sizeable and there is adequate space between each lot for comfort.

Look at all the other floor plans and make sure you've got one of the smallest ones. Never buy the biggest or most expensive home in a community! And make sure you don't have a lot of townhouse type things that might be potentially rented out if provided for in the rules.

Last but not least, talk to existing residents either in this neighborhood or others the builder has done and ask them what their experience was like and if there have been any major problems to look out for. Ask them if the temporary management company is tending to community maintenance and responsive to phone calls.

I've bought my first house in a master planned community under development and would not do that again because:

* You never know how the community will look when everything is built up. And no, a masterplan is not a crystal ball. If you buy into an established neighborhood, you know what you are getting (unless the neighborhood declines, of course).

* For several years, you would have a problem should you have to sell. You don't want to compete with new construction.

* $2k for HOA is very high. This must be a very high end development. If I would have a lot of money to spend on a house, I would go totally custom. On an acreage lot without draconian HOA rules.

* Community amenities like swimming pools or club houses sound nice, but if the management isn't good, those can and will deteriorate. Also, in my experience, people don't care much about community property and treat it as such. In my old neighborhood ($250k-1M, suburban Dallas - where that price range means very nice homes) the pool and club house didn't hold up too well.

One of the things I don't like about brand-new construction is the lack of mature landscaping. You have to wait years before any planted trees and bushes grow nicely. But the new constructions homes (at least around here) are generally nicely designed with extra square footage, open layouts, and large kitchens and bathrooms.

If your home is yet to be built, do be aware that the builders make a lot of their profit in the "upgrades" - granite countertops, better cabinetry, higher-priced appliances, carpeting, moldings, etc. And that they seem to charge more than the going price for all those upgrades. Make sure to have in writing what exactly the home price includes, and assume that anything not in writing is not included and will cost extra if you want it.