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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)
 9 Months Ended
Sep. 30, 2020
Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]  
Summary of Lots Under Option
The table below presents a summary of our lots under option at September 30, 2020 (dollars in thousands): 
Projected Number
of Lots
Purchase
Price		Option/
Earnest  Money
Deposits–Cash
Purchase and option contracts recorded on balance sheet as Real estate not owned— $— $— 
Option contracts — non-refundable deposits, committed (1)
8,740 469,067 36,885 
Purchase contracts — non-refundable deposits, committed (1)
9,298 336,146 21,332 
Purchase and option contracts —refundable deposits, committed2,208 59,719 1,075 
Total committed 20,246 864,932 59,292 
Purchase and option contracts — refundable deposits, uncommitted (2)
15,059 432,573 3,675 
Total lots under contract or option35,305 $1,297,505 $62,967 
Total purchase and option contracts not recorded on balance sheet (3)
35,305 $1,297,505 $62,967 (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 September 30, 2020.