There are two active 55+ communities located in Cary, North Carolina. The first is called Heritage Pines and is located right around the corner from my office and the 2nd is Carolina Preserve at Amberly.
I've had several listings this year that have sold. They have two options in the community: 1) Villas w/2 car garages and 2)Single Family Homes. I sold an end-unit villa in the Spring '08 for $280k. This was a resale w/approximately 2000 square feet. The interior villas are smaller and sell in the low $200s but nothing close to $160k. 2) Single Family Homes. All ranch plans on one level. The single family homes in Heritage Pines are primarily resales(although there are 2-3 new ones in the back of the neighborhood that are still for sale). They range from $290k - $350k. There are plenty of activities and amenities to satisfy any senior.
The 2nd community, est 2006, is Carolina Preserve which is a Del Webb community. This neighborhood is the fastest selling adult community in the country right now. They have four collections: Villas, Cardinals, Dogwoods, and the Emerald Collections. All ranch plans on one level. There are a handful of single family resales that start at $230k. The Villas are priced at ~ $220k. Delivery for the Villas - not until next summer because the demand has been so high. The amenities center, Bradford Hall, is absolutely amazing w/all of the bells and whistles. Indoor/outdoor pools, arts & crafts room, bocci ball, putting green, clay court tennis courts - you name it. HOA fees are reasonable at $197/month.
I hope this helps.