Real Estate Inventories (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Schedule of real estate inventory

Real estate inventories consisted of the following (in thousands):

	December 31, 2013		December 31, 2012
Deposits and pre-acquisition costs	$	4,517	$	2,177
Land held and land under development	117,808		110,463
Homes completed or under construction	46,639		9,441
Model homes	7,884		3,286
	$	176,848	$	125,367

Schedule of interest capitalization

Amounts capitalized to home inventory and land inventory were as follows (in thousands): 

	December 31,
	2013			2012			2011
Interest expense capitalized as cost of home inventory	$	2,259		$	369		$	68
Interest expense capitalized as cost of land inventory	642			1,580			1,649
Total interest expense capitalized	2,901			1,949			1,717
Previously capitalized interest expense included in cost of sales - homebuilding	(1,174		)	(122		)	(35		)
Previously capitalized interest expense included in cost of sales - land development	(9		)	(638		)	(476		)
Net activity of capitalized interest	1,718			1,189			1,206
Capitalized interest expense in beginning inventory	4,620			3,431			2,225
Capitalized interest expense in ending inventory	$	6,338		$	4,620		$	3,431