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Land Under Development | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Land Under Development | Land Under Development On a limited basis, we directly acquire raw land parcels already zoned for their intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. During the third quarter of 2023, we had the following land under development transactions: –Purchased a raw land parcel for approximately $19,000, which is expected to produce approximately 500 lots. –Completed the development of one land parcel and transferred development costs totaling approximately $5,200 to finished lots which is reported in "Unsold lots and housing units" in the accompanying condensed consolidated balance sheet as of September 30, 2023. As of September 30, 2023, we owned land with a carrying value of $41,238 that we intend to develop into approximately 2,000 finished lots. We have additional funding commitments of approximately $1,700 under a joint development agreement related to one project, a portion of which we expect will be offset by development credits of approximately $900. As of December 31, 2022, the carrying value of land under development was $27,100. None of the raw parcels had any indicators of impairment as of September 30, 2023

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- Definition The entire disclosure for land under development. + References No definition available. + Details
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- References No definition available. + Details
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