Overall market condition have a much greater effect on a subject property then anything. You can deck your house out as much as you want but if it is not conforming to the neighborhood the sales price will not correlate to the upgrades you perform. Conversely you can have a turd of a home but if the market is raging and homes on your street are all in good condition then your home will sell for much more then it should.

The bottom line is that people should upgrade the home they live in to enjoy the utility they add, not the value they may or may not add because that value is variable determined by market conditions. Personally I have not seen any data that adds or subtracts value simply because an HOA is or is not in the neighborhood.