Credit Agreements Primary Lender and Notes Payable

12 Months Ended

Dec. 31, 2011

Credit Agreements - Primary Lender and Notes Payable [Abstract]

Credit Agreements - Primary Lender and Notes Payable

7.            Credit Agreements – Primary Lender and Notes Payable:

Credit agreements with the Company's primary lender and notes payable consisted of the following:

	2011		2010
Credit agreements – primary lender (PGIP)
Balance is past due, bearing interest at prime plus 5.0%	$	500,000	$	500,000
Notes payable –
$1,176,000 bearing interest at prime rate plus 2%, the remainder non-interest bearing, all past due		1,198,000		1,198,000
	$	1,698,000	$	1,698,000

   

The prime rate at December 31, 2011 and 2010, was 3.25%.

At December 31, 2011 assets collateralizing the Company's credit agreements with its primary lender totaled $644,000, of which $5,000 represented escrow held by the primary lender, and $639,000 represented land and improvement inventories.

The overall weighted-average interest rate for the Company's credit agreements with its primary lender and all remaining notes and mortgages was approximately 6.1% as of both December 31, 2011 and 2010.

Although substantially all of the Company's real and personal property including all of the stock of the Company's wholly-owned subsidiaries remains pledged as collateral, the Company negotiated agreements with its mortgage holders to allow the Company to sell part of its land holdings without requiring full payment of the secured debt.

Accrued interest due to the primary lender was $282,000 and $240,000 at December 31, 2011 and 2010, respectively.  Accrued interest on other notes payable was $2,835,000 and $2,773,000 at December 31, 2011 and 2010, respectively.

All of the primary lender debt and notes payable including accrued interest are past due.