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REAL ESTATE ACTIVITY
6 Months Ended
Jun. 30, 2013
REAL ESTATE ACTIVITY [Abstract]  
REAL ESTATE ACTIVITY [TextBlock]

NOTE 2. REAL ESTATE ACTIVITY

 

Our properties consist of 178.1 acres of land, located in Texas, held for future development or sale.

 

Land

Location

 

Acres

 

Mercer Crossing/Travelers Land

Farmers Branch, TX

 

 

178.10

 

 

Total Land/Development

 

 

178.10

 

 

The Company entered into a sales contract with an independent third party, for 100 acres of Travelers land for $17.5 million or $4.02/sf.  The buyer is entitled to an inspection period, which expires August 15, 2013.  This land is collateral on a mortgage note, see Note 5. “Notes and Interest Payable” for details.