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REAL ESTATE (Tables)
12 Months Ended
Dec. 31, 2014
REAL ESTATE (Tables)  
Real estate owned

A summary of our real estate owned as of the end of the year is listed below (dollars in thousands):

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

Apartments

 

$

452,631

 

 

$

433,141

 

Apartments under construction

 

 

1,512

 

 

 

-

 

Commercial properties

 

 

179,171

 

 

 

203,823

 

Land held for development

 

 

148,480

 

 

 

141,010

 

Real estate held for sale

 

 

-

 

 

 

18,817

 

Real estate subject to sales contract

 

 

22,695

 

 

 

31,302

 

Total real estate, at cost, less impairment

 

 

804,489

 

 

 

828,093

 

Less accumulated deprecation

 

 

(115,368

)

 

 

(132,291

)

Total real estate, net of depreciation

 

$

689,121

 

 

$

695,802

 

 

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

 

 

 

 

 

 

Fair Value Measurements Using (dollars in thousands):

 

December 31, 2013

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

849

 

 

$

---

 

 

$

849

 

 

$

---

 

Commercial

 

$

26,194

 

 

$

---

 

 

$

26,194

 

 

$

---

 

 

 

 

 

 

 

Fair Value Measurements Using (dollars in thousands):

 

December 31, 2012

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

2,699

 

 

$

---

 

 

$

1,800

 

 

$

899

 

Commercial

 

$

9,660

 

 

$

---

 

 

$

9,660

 

 

$

---