Estimated Development Liability for Sold Land

3 Months Ended

Mar. 31, 2013

Estimated Development Liability for Sold Land [Abstract]

Estimated Development Liability for Sold Land

Note S - 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 homesites previously sold and is summarized as follows:

	March 31, 2013		December 31, 2012
Gross estimated unexpended costs	$	35,860	$	35,879
Less costs relating to unsold homesites		(2,905)		(2,905	)
Estimated development liability for sold land	$	32,955	$	32,974

The estimated development liability for sold land is reduced by actual expenditures and is evaluated and adjusted, as appropriate, to reflect management's estimate of anticipated costs.  In addition, we obtain third-party engineer evaluations and adjust this liability to reflect changes in the estimated costs. We recorded charges associated with these obligations of $19 and $100 during the three months ended March 31, 2013 and 2012, 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.