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REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022
--- | --- | ---
Real Estate Properties |  |  |  |
Homes under contract under construction | [1] | $ 931,820 |  | $ 822,428
Unsold homes completed and under construction | [1] | 1,027,352 |  | 1,155,543
Model homes | [1] | 112,306 |  | 97,198
Finished home sites and home sites under development | [2] | 2,429,880 |  | 2,283,094
Real estate |  | 4,501,358 |  | 4,358,263
Land held for sale |  | $ 7,100 | [3] | $ 66,800
[1] | Includes the allocated land and land development costs associated with each lot for these homes.
[2] | Includes raw land, land held for development and land held for sale, less impairments, if any. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
[3] | Includes land held for sale of $7.1 million and $66.8 million as of September 30, 2023 and December 31, 2022, respectively

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- Definition Carrying amount net of impairment reserves as of the balance sheet date primarily consisting of deposits for land purchases (including option payments), related acquisition costs, and land which is not expected to be developed in the next two years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- Definition The net carrying amount as of the balance sheet date of the sum of the various components of an operative builder's inventory, including finished homes. Operative builders primarily consist of entities that develop land, construct residential homes and commercial and industrial buildings thereon, and sell them to home buyers and operators of the commercial and industrial properties. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- Definition Carrying amount as of the balance sheet date, net of valuation allowances and impairment losses, of costs of land expected to be developed in the near term plus capitalized costs of development, for purposes of selling completed units to home buyers or commercial or industrial entities.. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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