INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE (Apartment Building [Member])

3 Months Ended

Sep. 30, 2014

Apartment Building [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 3 – INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE

Investment in real estate consisted of the following: 

As of	September 30, 2014		June 30, 2014
Land	$	25,781,000	$	25,781,000
Buildings, improvements and equipment		74,250,000		74,039,000
Accumulated depreciation		(36,658,000)		(36,123,000)
Investment in real estate, net	$	63,373,000	$	63,697,000

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. During the quarter ended September 30, 2014, received the $458,000 and recognized it as income as the result of the potential buyer not extending purchase agreement.