NOTE E - ESTIMATED DEVELOPMENT LIABILITY FOR SOLD LAND

The estimated development liability consists primarily of utilities improvements in Poinciana and Rio Rico for more than 8,000 home sites previously sold and is summarized as follows:

	December 31,
	2011			2010
Gross estimated unexpended costs	$	37,106		$	37,752
Less costs relating to unsold home sites		(3,062	)		(5,909	)
Estimated development liability for sold land	$	34,044		$	31,843

Charges associated with these obligations of approximately ($794), $291 and $592 were recorded during 2011, 2010 and 2009, respectively. In addition, we revised our assumptions regarding recoverability of costs associated with unsold home sites in the amount of approximately $2,800. Future increases or decreases of costs for construction material and labor, as well as other land development and utilities infrastructure costs, may have a significant effect on the estimated development liability.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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