VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

3 Months Ended

Mar. 31, 2021

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

The table below presents a summary of our lots under option at March 31, 2021 (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)	8,385	427,373		32,874
Purchase contracts — non-refundable deposits, committed (1)	11,683	386,915		26,399
Purchase and option contracts —refundable deposits, committed	2,880	86,163		1,366
Total committed	22,948	900,451		60,639
Purchase and option contracts — refundable deposits, uncommitted (2)	18,505	505,131		3,716
Total lots under contract or option	41,453	$	1,405,582	$	64,355
Total purchase and option contracts not recorded on balance sheet (3)	41,453	$	1,405,582	$	64,355	(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 unaudited consolidated balance sheets 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 sheets in Deposits on real estate under option or contract as of March 31, 2021.