Wellington certainly doesn't lack quaint communities to suit buyers' tastes, and for those looking for something on the smaller side, Lorri Friedman quickly pointed BlockShopper.com to the Versailles subdivision.

Built in 2002, Versailles is tucked away between the Wycliffe Country Club and the Palm Beach Polo and Country Club, but that doesn't mean homes are in the members-only price range. Friedman spoke with BlockShopper.com about the values to be found in its homes lately and how she sees the market opening up in the future.

BS: What is available in Wellington for people looking for a smaller community?

LF: Versailles is a smaller community with 440 homes. It's more of an upscale community with several different villages or collections of homes within it. Many of the developments today have that to provide different levels of homeowners the affordability they want. Versailles provides homes at different price points but, because of the upscale level, the costs associated for those are much more expensive. You not only get the house, but there's very lush, beautiful landscaping, and the whole development is well maintained with a clubhouse with all of the amenities: tennis courts, a pool, and exercise and card rooms.

BS: What is the entry point for Versailles?

LF: The lowest entry point is probably somewhere in the low to mid-$300,000s. What buyers need to remember is that these were once $500,000 homes. For an entry-level, single-family home, you're getting 2,400 to 2,500 square feet with four bedrooms, two-and-a-half bathrooms, with a lot that's probably 60 feet wide and probably 80 to 90 feet long. Mid-level homes that are 3,500 square feet on the lake and maybe with a pool, five to six bedrooms and three bathrooms are going from between $400,000 to $450,000. The homes are very formally designed with tall ceilings and lots of glass and light. The first floor is usually all done in tile or marble.

BS: Are there homeowner's association fees on top of that?

LF: Versailles is an homeowner's association community, so there are dues associated with that. The costs are always relative to what benefits you're going to get from them and the number of homeowners there are. If you have a budget of $12 million and do a variety of things with 300 homes, the price will be relative. If you have 500 homes and a budget of $500,000, the fees will obviously be 50-percent of the other ones.

BS: Are there a lot of homes for sale in Versailles right now?

LF: Inventory everywhere is at an all-time low. Typically, as a rule of thumb, you'll find 10 percent of the number of homes are listed. So in Versailles, were there's only about 25 to 30 homes listed out of 400 homes, you're below that average.

BS: Do you see that staying the same?

LF: I project that we'll see a wave of listings in 60 to 90 days that are going to spike the number of listings back to where we were conventionally. I believe people are not listing their homes yet because they're going through loan modification inquiries and are wanting and waiting for the results of that. Based on those results, if it's attractive enough and helps them do what they wanted, then they'll keep the home. If it's not, they'll list it. Having more inventory would give buyers more of a choice, but there's still quite a few very good diamonds in the rough out there.