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

3 Months Ended

Mar. 31, 2020

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

Summary of Lots Under Option

The table below presents a summary of our lots under option at March 31, 2020 (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)	6,043	385,228		31,903
Purchase contracts — non-refundable deposits, committed (1)	7,277	257,431		15,642
Purchase and option contracts —refundable deposits, committed	2,098	78,046		1,897
Total committed	15,418	720,705		49,442
Purchase and option contracts — refundable deposits, uncommitted (2)	14,708	437,259		4,725
Total lots under contract or option	30,126	$	1,157,964	$	54,167
Total purchase and option contracts not recorded on balance sheet (3)	30,126	$	1,157,964	$	54,167	(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 our balance sheet as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.

(4)Amount is reflected on our unaudited consolidated balance sheet in Deposits on real estate under option or contract as of March 31, 2020.