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Real Estate Inventories and Capitalized Interest (Tables)
 6 Months Ended
Jun. 30, 2015
Real Estate [Abstract]  
Summary of real estate inventories
Real estate inventories are summarized as follows:
 
June 30,
 
December 31,
 
2015
 
2014
Deposits and pre-acquisition costs
$
6,788,070

 
$
9,348,650

Land held and land under development
55,266,729

 
48,989,673

Homes completed or under construction
150,306,573

 
87,072,326

Model homes
34,031,916

 
18,153,532

 
$
246,393,288

 
$
163,564,181
Summary of interest incurred, capitalized, and expensed
For the three and six months ended June 30, 2015 and 2014 interest incurred, capitalized and expensed was as follows:
 
Three months ended June 30,
 
Six months ended June 30,
 
2015
 
2014
 
2015
 
2014
Interest incurred
$
1,048,183

 
$
304,828

 
$
1,926,820

 
$
545,345

Interest capitalized
(1,048,183
)
 
(304,828
)
 
(1,926,820
)
 
(545,345
)
Interest expensed
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Capitalized interest in beginning inventory
$
2,847,472

 
$
1,238,807

 
$
2,327,885

 
$
1,003,390

Interest capitalized as a cost of inventory
1,048,183

 
304,828

 
1,926,820

 
545,345

Contributions to unconsolidated joint ventures
(264,099
)
 
—

 
(264,099
)
 
—

Interest previously capitalized as cost of inventory, included in cost of sales
(121,107
)
 
(49,089
)
 
(480,157
)
 
(54,189
)
Capitalized interest in ending inventory
$
3,510,449

 
$
1,494,546

 
$
3,510,449

 
$
1,494,546