I agree with Anna, the broker from NY who mentioned that interest rates will not stay this low for long. Once the Federal Reserve stops buying mortgage backed securities, interest rates are predicted to rise approximately 1%.
As for Blackhawk, I work in Blackhawk and have been a resident since 1997. I have found it to be a friendly, fun and beautiful place to live and work. As country club members, there are lots of activities to participate in, from golf, swimming, tennis to joining individual activity groups. You can join as social members only, or as tennis, swim or golf members. Blackhawk Women has culinary activities, a book club, games such as Bunco and Mah-Jong and bus trips to SF to enjoy plays or shopping, etc. Even if you don't join the country club, you will find that Blackhawk has a wonderful feeling of community. As a realtor, when I drive clients through the gates of Blackhawk for the first time, they are awestruck. They always comment on how absolutely beautiful and well-maintained it is.
The real estate market here is just like anywhere else in the east bay. If a home is well-priced it will sell. Prices here have come down substantially making Blackhawk more affordable for people who never thought they could afford to live in a lovely gated community. I think it is the east bay's best value!