One thing to consider is the help you can get from community members who have an interest in promoting their neighborhood, organization or pet project. Some real estate professionals have created an extensive community blogging presence with posts and commentary from community members.
What if you could cut back on that time a bit, get participation and notes from those that do attend, and blog about these and many more activities. You will still be seen as participating, or at least contributing to these organizations and neighborhoods.
One PR firm began to contribute automated content to my community calendar. Their first import was more than 200 local events out months into the future. I had an instant calendar with no effort on my part.
That is a consideration, however, you'll begin to show up in searches in all kinds of other subject areas related to the community. Your site will begin to be visited and read by a larger percentage of the population, as they aren't just looking for real estate content.
A long term approach would be to develop a loyal readers that have an interest in what's happening in your area, like your content, and use your site to keep up with current events. That's a much larger universe of prospects, and sooner or later they'll want to do a real estate deal.
You should look at your community, how you spend your time now, what you currently do to network, and how you'd like to position your blogging for the future. If you believe that you will ultimately benefit more from the wider net you'll cast with community blogging, it will likely work for you.
On the other hand, there's something to be said for knowing your hottest prospect, and focusing on capturing them when they're in the market. There's room for all types of real estate blogging. The key is to jump in and do something.

