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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details) $ in Thousands | Mar. 31, 2016 USD ($) lot
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Projected Number of Lots |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned | lot | 0 |
Option contracts not recorded on balance sheet — non-refundable deposits, committed | lot | 5,655 | [1]
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed | lot | 2,896 | [1]
Purchase contracts not recorded on balance sheet —refundable deposits, committed | lot | 494 |
Total committed (on and off balance sheet) | lot | 9,045 |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted | lot | 4,814 | [2]
Total lots under contract or option | lot | 13,859 |
Total purchase and option contracts not recorded on balance sheet | lot | 13,859 | [3]
Purchase Price |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned | $ 0 |
Option contracts not recorded on balance sheet — non-refundable deposits, committed | 543,886 | [1]
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed | 176,528 | [1]
Purchase contracts not recorded on balance sheet —refundable deposits, committed | 58,030 |
Total committed (on and off balance sheet) | 778,444 |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted | 239,320 | [2]
Total lots under contract or option | 1,017,764 |
Total purchase and option contracts not recorded on balance sheet | 1,017,764 | [3]
Option/ Earnest Money Deposits–Cash |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned | 0 |
Option contracts not recorded on balance sheet — non-refundable deposits, committed | 73,559 | [1]
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed | 7,615 | [1]
Purchase contracts not recorded on balance sheet —refundable deposits, committed | 4,225 |
Total committed (on and off balance sheet) | 85,399 |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted | 6,592 | [2]
Total lots under contract or option | 91,991 |
Total purchase and option contracts not recorded on balance sheet | $ 91,991 | [3],[4]
[1] | Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.
[2] | Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.
[3] | Except for our specific performance contracts recorded on our balance sheet as Real estate not owned, if any, none of our option agreements require us to purchase lots
[4] | Amount is reflected in our consolidated balance sheet in the line item "Deposits on real estate under option or contract" as of March 31, 2016.

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