CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Dec. 31, 2012
REAL ESTATE ASSETS:
Land	$ 4,915,600	$ 4,915,600
Buildings and improvements	3,671,586	3,671,586
Furniture, fixtures and equipment	163,952	188,023
Real estate assets	8,751,138	8,775,209
Less: accumulated depreciation	(1,670,815)	(1,660,957)
Operating real estate assets	7,080,323	7,114,252
Construction in progress and real estate under development	8,008,000	8,008,000
Real estate assets held for sale	19,058,347	25,299,875
Net real estate assets	34,146,670	40,422,127
CASH AND CASH EQUIVALENTS	769,966	401,018
RESTRICTED CASH	635,660	764,777
DEFERRED FINANCING AND LEASING COSTS - Net of accumulated amortization of $143,848 and $287,219 at March 31, 2013 and December 31, 2012, respectively	71,888	93,330
LEASE INTANGIBLES - Net of accumulated amortization of $336,635 and $441,952 at March 31, 2013 and December 31, 2012, respectively		11,221
DUE FROM AFFILIATES		403,182
OTHER ASSETS - Net	221,507	240,873
ASSETS RELATED TO DISCONTINUED OPERATIONS	93,000	103,500
Total assets	35,938,691	42,440,028
LIABILITIES:
Mortgage notes payable	7,103,241	7,117,531
Land notes payable	5,895,000	5,910,000
Accounts payable and accrued expenses	543,956	449,885
Due to affiliates	57,651	37,542
Security deposits and prepaid rents	25,473	33,038
Liabilities related to real estate assets held for sale	4,562,183	11,604,443
Total liabilities	18,187,504	25,152,439
COMMITMENTS AND CONTINGENCIES (Note 10)
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP	2,739,008	2,674,390
SHAREHOLDERS' EQUITY:
Preferred shares, $.01 par value, 20,000,000 shares authorized, no shares issued and outstanding
Common shares, $.01 par value, 100,000,000 shares authorized, 10,646,095 and 10,641,928 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	106,461	106,419
Additional paid-in capital	31,834,966	31,813,622
Treasury shares, at cost	(71,332)	(71,332)
Accumulated deficit	(16,857,916)	(17,235,510)
Total shareholders' equity	15,012,179	14,613,199
Total liabilities and shareholders' equity	$ 35,938,691	$ 42,440,028