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Real Estate and Capitalized Interest (Tables) | 12 Months Ended
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Dec. 31, 2014
Inventory Disclosure [Abstract] |
Real estate properties | Real estate consists of the following (in thousands):
|  | December 31, 2014 |  | December 31, 2013
Homes under contract under construction (1) |  | $ | 328,931 |  |  | $ | 262,633 |
Unsold homes, completed and under construction (1) |  | 302,288 |  |  | 147,889 |
Model homes (1) |  | 109,614 |  |  | 81,541 |
Finished home sites and home sites under development (2) |  | 1,136,849 |  |  | 913,236 |
|  | $ | 1,877,682 |  |  | $ | 1,405,299 |
Summary of capitalized interest | A summary of our capitalized interest is as follows (in thousands):
|  | Years Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Capitalized interest, beginning of year |  | $ | 32,992 |  |  | $ | 21,600 |  |  | $ | 14,810 |
Interest incurred |  | 58,374 |  |  | 51,152 |  |  | 46,135 |
Interest expensed |  | (5,163 | ) |  | (15,092 | ) |  | (24,244 | )
Interest amortized to cost of home and land closings |  | (32,143 | ) |  | (24,668 | ) |  | (15,101 | )
Capitalized interest, end of year (1) |  | $ | 54,060 |  |  | $ | 32,992 |  |  | $ | 21,600 |
(1) | Approximately $490,000, $511,000 and $539,000 of the capitalized interest is related to our joint venture investments and is a component of “Investments in unconsolidated entities” in our consolidated balance sheet as of December 31, 2014, 2013 and 2012, respectively.

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- Definition The tabular disclosure for the carrying amount as of the balance sheet date of interest costs that were capitalized to properties under development during the land development and construction period of a project, and which are included in inventory, the amortization of such capitalized interest and the interest expenses associated with non-qualified assets. + References No definition available. + Details
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- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5 + Details
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