Estimated Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

9. Estimated Fair Value of Financial Instruments

Estimated fair values of the Company’s financial instruments as of March 31, 2013 and December 31, 2012 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a errant market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values.

	March 31, 2013				December 31, 2012
	(Amounts in thousands)				(Amounts in thousands)
	Net Carrying		Estimated		Net Carrying		Estimated
	Value (1)		Fair Value		Value (1)		Fair Value
Assets:
Cash and cash equivalents	$	776	$	776	$	853	$	853
Notes Receivable		13		13		15		15
Liabilities:
Mortgage debt		482		482		489		489
Line of credit		100		100		-		-

(1) Net carrying value is net of valuation reserves and discounts where applicable.

The fair value estimates presented above were based on pertinent information available to management as of March 31, 2013 and December 31, 2012.

Fair value methods and assumptions were as follows:

Cash and Cash Equivalents – The estimated fair value approximated carrying value, due to the short maturity of these investments.

Notes Receivable – The fair value of notes receivable was estimated by discounting projected cash flows using current rates for similar notes receivable.

Mortgage Debt and line of credit – The fair value of mortgage debt was estimated by discounting projected cash flows using current rates for similar debt.