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There are quite a few direct competitors in this particular niche market. But the reality is that you are actually competing against much bigger players, such as yahoo groups for example and then all of the individual web designers who either live in or around the community and will maintain the sites for little or no money.
Facebook already has some local community building apps but you would have to be quite desperate to base your business model on eyeballs and not dollar figures.
I would be curious to know how many "active" facebook users are homeowners, or live in a structured community (homeowners association, condo, etc...)