Notes Receivable, net

12 Months Ended

Dec. 31, 2012

Notes Receivable, net

6. Notes Receivable, net

Notes receivable at December 31, 2012 and 2011 consisted of the following:

	2012		2011
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% —  8.0%	$	2,758	$	2,768
Various builder notes, — 8% and 5.0% at December 31, 2012 and 2011, respectively, due October 2012 thru January 2013		295		712
Various mortgage notes, secured by certain real estate bearing interest at various rates		922		1,083
Total notes receivable, net	$	3,975	$	4,563

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. Notes receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. In addition, the Company renegotiated terms related to certain other builder notes receivable during 2010 and as a result recorded an impairment charge of $0.5 million in 2010.