All good, very different locations and all offering different lifestyles.
Blackhawk attracts people who like the Country Club environment. Golf enthusiasts. People who will take advantage of the facilities.
Moraga has the "village" atmosphere. Traditional, sleepy, laid back, older demographic.
Alamo is harder to categorize because it depends on which part of Alamo you are looking at - West side is very traditional, older money, mostly smaller homes (but large lots). Again, more of the village feel. East side has much more modern larger homes in general. Roundhill Country Club or Bryan Ranch and Whitegate are something else again.
Schools in all the areas you mention are excellent (although I would seriously suggest you check out individual schools on http://www.greatschools.net.
And check with the school district to confirm there will be a place available in the elementary school - that could avoid a nasty surprise!
I would have thought your commute would have some influence. Where do you work? The commute from Moraga down to 24 in Orinda can be painful at times. So can the commute from Blackhawk to 680. Alamo does not have these problems. How about your lifestyle? If you go to the city frequently, Blackhawk may not be the best location for you. Similarly if Walnut Creek would meet most of your social/cultural needs, Alamo is a great location.
If you wanted to buy in the area that has the best chance of maintaining / increasing values, I would probably go for Moraga or Alamo but a home is much more important than just an investment and real estate will always be a great long term investment where ever you buy in these three locations.
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585