REAL ESTATE INVENTORY AND LAND DEPOSITS |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE INVENTORY AND LAND DEPOSITS | REAL ESTATE INVENTORY AND LAND DEPOSITS Inventory consists of the following (in thousands):
(1) Real estate held for development or held for sale includes raw land recently purchased or awaiting entitlement and properties where we have ceased development and/or marketing. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory. The development status of our land inventory is as follows (dollars in thousands):
Land Deposits — We provide deposits related to land option and land purchase contracts, which are capitalized when paid and classified as land deposits until the associated property is purchased. As of September 30, 2019 and December 31, 2018, we had the right to purchase 4,597 and 4,781 lots under land option purchase contracts, respectively, for an aggregate purchase price of $300.3 million and $393.8 million, respectively. We do not have title to the properties, and the creditors generally have no recourse against the Company. As of September 30, 2019 and December 31, 2018, our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of non-refundable deposits totaling $41.8 million and $57.9 million, respectively. Capitalized Interest — Interest capitalized, incurred and amortized is as follows (in thousands):
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