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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details) $ in Thousands | Jun. 30, 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 | 4,989 | [1]
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed | lot | 3,771 | [1]
Purchase contracts not recorded on balance sheet —refundable deposits, committed | lot | 1,275 |
Total committed (on and off balance sheet) | lot | 10,035 |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted | lot | 6,575 | [2]
Total lots under contract or option | lot | 16,610 |
Total purchase and option contracts not recorded on balance sheet | lot | 16,610 | [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 | 478,880 | [1]
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed | 204,837 | [1]
Purchase contracts not recorded on balance sheet —refundable deposits, committed | 76,101 |
Total committed (on and off balance sheet) | 759,818 |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted | 326,909 | [2]
Total lots under contract or option | 1,086,727 |
Total purchase and option contracts not recorded on balance sheet | 1,086,727 | [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 | 69,466 | [1]
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed | 13,318 | [1]
Purchase contracts not recorded on balance sheet —refundable deposits, committed | 3,039 |
Total committed (on and off balance sheet) | 85,823 |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted | 5,621 | [2]
Total lots under contract or option | 91,444 |
Total purchase and option contracts not recorded on balance sheet | $ 91,444 | [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 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 on our consolidated balance sheet in Deposits on real estate under option or contract as of June 30, 2016.

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