There is unlikely to be a long-term difference in price appreciation, for the following reason. Imagine two otherwise comparable houses, one with an HOA and one without. (The same argument applies to any other stable feature, say one with a pool and one without.)
If the houses are currently the same price, and if house A appreciates say 2% per year more than house B, then in 35 years house A will be twice the price of house B. These numbers are just an example -- the point is that any sustained difference in appreciation will lead to an increasing price gap over time.
If the basic nature of the houses and the HOA is not changing, then while it's understandable that the market might put a premium on house A or B, there's no reason for the premium to steadily increase without bound. The houses are competing in the same market. In 35 years, the houses will still be physically similar, and whatever difference the HOA makes to the resident experience will be similar, so it doesn't make sense that one would be worth double the price of the other (or in another 35 years, quadruple, etc.).
Significant changes in the (perceived) attributes of HOAs would lead to differences in appreciation while the changes are occurring, but then appreciation would equalize unless there are further changes.
This specifically refers to price appreciation. Note that price appreciation is only one component of investment return, which in turn is only one component of the rewards (economic and personal/psychological) of home ownership.
Each prospective home buyer will weigh their own percieved costs and benefits of an HOA. Some may be willing to pay more for an HOA, some less, and the supply-demand balance will determine market prices. HOA fees and any differences in "quality of life" will affect the comparison to "equivalent rent" and thus affect the level of house prices. However, the relative differences are likely to fluctuate in some stable range rather than in a secular exponential trend.
If you can buy with or without an HOA at the same price and be equally happy living there, then you can save the HOA fee and so your total return (including appreciation, equivalent rent, and ongoing costs) on the non-HOA house will be higher. If everyone felt that way, then the price of the HOA house would be lower (since the HOA fee partly offsets the equivalent rent), so as to make the total return on both houses the same. In both cases, the expected percent appreciation is equal for the two houses.