The hell with property rights eh? Sounds like your little community is emminent domain on steriods, seizing property left and right for the community good.
[I see this as very similar to that community in Georgia where gun ownership is mandatory]
Which is in itself wildly amusing, since that community doesn't see it your way. You're referring to Kenneshaw, Georgia. The ordinance in Kennesahw was written with the express intention (which was stated publically) that it would NEVER be enforced. That those who chose not to own guns would not be harrassed in any way. It was meant from the git-go to be a purely symbolic gesture.
If you buy the property with covenants and restrictions on it then you are expected to live up to that part of the contract. If you don't want to accept the contract live elsewhere. It's not a matter of seizing property, it's a matter of enforcing what you want done with your property.
The community would have to own the entire property before it could be set up however. So if one person bought, say, 1000 acres and then parcelled it off to form the community I see nothing wrong with it.
Of course if they moved into an area and tried to take it over that would be wrong (unless they properly, legally morally and ethically bought out everyone who chose to sell and then imposed the covenants on those properties, all the while respecting the rights of those who were there first and did not choose to sell)