Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 4,819,717	$ 491,371
Adjustments to reconcile net income to net cash used in operating activities:
Deferred taxes	(5,840,516)	(1,442,533)
Amortization of equity based compensation	1,234,884	1,247,618
Distributions of earnings from unconsolidated joint ventures	7,451,996	370,075
Equity in net income of unconsolidated joint ventures	(5,123,922)	(944,728)
Deferred profit from unconsolidated joint ventures	(1,435,278)	0
Depreciation	231,812	138,933
Abandoned project costs	443,196	99,788
Net changes in operating assets and liabilities:
Restricted cash	147,876	(3,553,695)
Contracts and accounts receivable	6,015,841	(210,657)
Due from affiliates	2,171,982	230,887
Real estate inventories	(103,750,216)	(33,933,637)
Other assets	4,076,249	1,857,583
Accounts payable	4,093,788	3,997,845
Accrued expenses and other liabilities	(4,703,557)	(3,494,510)
Net cash used in operating activities	(90,166,148)	(35,145,660)
Investing activities:
Purchases of property and equipment	(237,948)	(697,443)
Contributions to unconsolidated joint ventures	(4,712,067)	(13,401,721)
Distributions of equity from unconsolidated joint ventures	24,806,006	2,407,115
Net cash provided by (used in) investing activities	19,855,991	(11,692,049)
Financing activities:
Net proceeds from issuance of common stock	0	87,800,022
Repurchase of common stock	0	(11,988,281)
Borrowings from notes payable	76,249,616	45,327,765
Repayments of notes payable	(12,517,191)	(31,534,951)
Cash distribution to noncontrolling interest in subsidiary	(821,800)	0
Net cash provided by financing activities	62,910,625	89,604,555
Net (decrease) increase in cash and cash equivalents	(7,399,532)	42,766,846
Cash and cash equivalents – beginning of period	44,057,589	9,541,361
Cash and cash equivalents – end of period	36,658,057	52,308,207
Supplemental disclosures of cash flow information
Interest paid, net of amounts capitalized	0	0
Taxes paid	8,250,000	250,000
Supplemental disclosures of non-cash transactions
Purchase of real estate with note payable to land seller	0	17,000,000
Purchase of real estate with notes payable to affiliates	747,432	0
Contribution of real estate to unconsolidated joint ventures	18,827,898	0
Contribution of real estate from noncontrolling interest in subsidiary	$ 600,841	$ 0