INVESTMENT IN REAL ESTATE, NET (Apartment Building [Member])

12 Months Ended

Jun. 30, 2014

Apartment Building [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 4 - INVESTMENT IN REAL ESTATE, NET

At June 30, 2014, the Company's investment in real estate consisted of twenty-three properties located throughout the United States. These properties include eighteen apartment complexes, two single-family houses as strategic investments, and two commercial real estate properties. The Company also owns two unimproved real estate properties located in Austin, Texas and Maui, Hawaii.

Investment in real estate included the following:

As of June 30,	2014		2013
Land	$	25,781,000	$	25,781,000
Buildings, improvements and equipment		74,039,000		73,453,000
Accumulated depreciation		(36,123,000)		(33,972,000)
	$	63,697,000	$	65,262,000

In February 2014, the Company entered into a contract to sell its 249 unit apartment complex located in Austin, Texas and the adjacent unimproved land for $15,800,000. The purchase/sale agreement provides that purchaser can terminate the agreement with or without cause, however, the potential purchaser would forfeit the earnest money ($208,000) and additional consideration ($250,000) totaling $458,000. The purchaser also has the option to extend the agreement. As of August 31, 2014, the Company has received the $458,000. The Company is currently in the process of negotiating another extension of the purchase agreement.