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

6 Months Ended

Dec. 31, 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	December 31, 2014		June 30, 2014
Land	$	24,741,000	$	25,781,000
Buildings, improvements and equipment		72,882,000		74,039,000
Accumulated depreciation		(36,194,000)		(36,123,000)
Investment in real estate, net	$	61,429,000	$	63,697,000

In November 2014, the Company sold its 5,900 square foot commercial property for $3,450,000 and realized a gain on the sale of real estate of $1,742,000. The Company received net proceeds of $2,163,000 after selling costs and the repayment of the related mortgage of $1,100,000. Prior to its sale, this property was being leased by the buyer.

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 had the option to extend the agreement. During the quarter ended September 30, 2014, the Company received the $458,000 and recognized it as income as the result of the potential buyer not extending the purchase agreement. In December 2014, the Company entered into a new contract with a different buyer to sell the same property for $16,300,000. The purchase/sale agreement provides that purchaser can terminate the agreement with or without cause, however, the potential purchaser would forfeit the non-refundable portion of the earnest money of $100,000. It is estimated that the sale will close by the end of February 2015.