ESTIMATED DEVELOPMENT LIABILITY FOR SOLD LAND

12 Months Ended

Dec. 31, 2012

ESTIMATED DEVELOPMENT LIABILITY FOR SOLD LAND [Abstract]

ESTIMATED DEVELOPMENT LIABILITY FOR SOLD LAND

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,
	2012		2011
Gross estimated unexpended costs	$	35,879	$	37,106
Less costs relating to unsold home sites		(2,905)		(3,062	)
Estimated development liability for sold land	$	32,974	$	34,044

Charges associated with these obligations of approximately $88, ($794) and $291 were recorded during 2012, 2011 and 2010, respectively. 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.