5. Land and Land Development Costs

12 Months Ended

Oct. 31, 2011

Notes

5. Land and Land Development Costs

5.  LAND AND LAND DEVELOPMENT COSTS:

Land and land development costs as of October 31, 2011 and 2010 consist of the following:

	10/31/2011	10/31/2010
Land unimproved designated for development	$10,901,859	$11,021,647
Residential development	5,084,262	5,906,189
Infrastructure development	4,656,666	4,482,901
	$20,642,787	$21,410,737

The decrease in land improvements designated for development ($119,788) was due to two land sales in Fiscal 2011.  The carrying value of land improvements designated for development reflects an impairment allowance of $73,000 in Fiscal 2011 and Fiscal 2010. The decrease in the residential development was primarily due to the sale of two condominium units at Boulder Lake Village ($891,693) and the transfer to assets held for sale of three condominium units at Boulder Lake Village ($1,196,693), net of their impairment allowance of $859,749, which was offset by additions of $406,710.  The increase in infrastructure development cost of $173,765 was primarily related to the costs associated with the Big Boulder wastewater treatment plan upgrade.  The carrying value of the infrastructure development assets reflects an impairment allowance of $1,900,000 in Fiscal 2011 and Fiscal 2010 and the carrying value of the residential development assets reflects an impairment allowance of $0 in Fiscal 2011 and $859,749 in Fiscal 2010.