In this article, I will examine various aspects of the Wise decision, including the approach of the North Carolina Supreme Court to both the common law of covenants and the PCA itself. I will also evaluate the impact of a recent amendment to the PCA, and revisit and reflect on selected legal issues raised by the passage of the PCA now that five years have elapsed since its effective date. While the article focuses specifically on the North Carolina PCA, it is important to keep in mind that a "planned community" is but one form of real estate development and governance that is now popularly denominated "common-interest communities."