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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details) $ in Thousands | Dec. 31, 2016 USD ($) lot
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Projected Number of Lots (unaudited) |  |
Option contracts — non-refundable deposits, committed | lot | 4,608 | [1]
Purchase contracts — non-refundable deposits, committed | lot | 3,861 | [1]
Purchase and option contracts —refundable deposits, committed | lot | 1,966 |
Total committed | lot | 10,435 |
Purchase and option contracts — refundable deposits, uncommitted | lot | 6,744 | [2]
Total purchase and option contracts | lot | 17,179 | [3]
Purchase Price (unaudited) |  |
Option contracts — non-refundable deposits, committed | $ 413,812 | [1]
Purchase contracts — non-refundable deposits, committed | 222,741 | [1]
Purchase and option contracts —refundable deposits, committed | 60,028 |
Total committed | 696,581 |
Purchase and option contracts — refundable deposits, uncommitted | 289,500 | [2]
Total purchase and option contracts | 986,081 | [3]
Option/ Earnest Money Deposits–Cash |  |
Option contracts — non-refundable deposits, committed | 59,380 | [1]
Purchase contracts — non-refundable deposits, committed | 16,463 | [1]
Purchase and option contracts —refundable deposits, committed | 3,844 |
Total committed | 79,687 |
Purchase and option contracts — refundable deposits, uncommitted | 5,869 | [2]
Total purchase and option contracts | $ 85,556 | [3]
[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] | Amount is reflected in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2016.

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