SD Eng well said. The term PUD comes to mind. As you stated there are common areas in a PUD but you enjoy fee simple ownership which is the way to go. There is an HOA and an associated set of CCRs that you must comply to and in the extreme the HOA for a PUD has the same power over you the homeowner as an HOA for condominium ownership.
As for the inventory north of Calle Cristobal I think we are starting to see some major cracks. I have seen two listings under 500k now and I would definitely place them as more preferable then these homes. My wife and I looked at renting in this subdivision a few years ago and ended up renting about 3 blocks east (still on the north side of Calle Cristobal) on Cheryl Ridge.
I could not agree more with you though on all your other points.
