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

9 Months Ended

Sep. 30, 2021

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

The table below presents a summary of our lots under option at September 30, 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)	11,433	530,759		43,214
Purchase contracts — non-refundable deposits, committed (1)	11,084	327,738		25,734
Purchase and option contracts —refundable deposits, committed	2,619	86,635		743
Total committed	25,136	945,132		69,691
Purchase and option contracts — refundable deposits, uncommitted (2)	31,655	769,696		8,296
Total lots under contract or option	56,791	$	1,714,828	$	77,987
Total purchase and option contracts not recorded on balance sheet (3)	56,791	$	1,714,828	$	77,987	(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 the accompanying 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 the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of September 30, 2021.