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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details) $ in Thousands | Mar. 31, 2020 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 — non-refundable deposits, committed | lot | 6,043 | [1]
Purchase contracts — non-refundable deposits, committed | lot | 7,277 | [1]
Purchase and option contracts —refundable deposits, committed | lot | 2,098 |
Total committed | lot | 15,418 |
Purchase and option contracts — refundable deposits, uncommitted | lot | 14,708 | [2]
Total lots under contract or option | lot | 30,126 |
Total purchase and option contracts not recorded on balance sheet | lot | 30,126 | [3]
Purchase Price |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned | $ 0 |
Option contracts — non-refundable deposits, committed | 385,228 | [1]
Purchase contracts — non-refundable deposits, committed | 257,431 | [1]
Purchase and option contracts —refundable deposits, committed | 78,046 |
Total committed | 720,705 |
Purchase and option contracts — refundable deposits, uncommitted | 437,259 | [2]
Total lots under contract or option | 1,157,964 |
Total purchase and option contracts not recorded on balance sheet | 1,157,964 | [3]
Option/ Earnest Money Deposits–Cash |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned | 0 |
Option contracts — non-refundable deposits, committed | 31,903 | [1]
Purchase contracts — non-refundable deposits, committed | 15,642 | [1]
Purchase and option contracts —refundable deposits, committed | 1,897 |
Total committed | 49,442 |
Purchase and option contracts — refundable deposits, uncommitted | 4,725 | [2]
Total lots under contract or option | 54,167 |
Total purchase and option contracts not recorded on balance sheet | $ 54,167 | [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 purchase or option contracts require us to purchase lots.
[4] | Amount is reflected on our unaudited consolidated balance sheet in Deposits on real estate under option or contract as of March 31, 2020.

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