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

6 Months Ended

Jun. 30, 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 June 30, 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)	6,715	347,701		28,393
Purchase contracts — non-refundable deposits, committed (1)	6,612	182,935		13,084
Purchase and option contracts —refundable deposits, committed	3,870	113,119		1,375
Total committed	17,197	643,755		42,852
Purchase and option contracts — refundable deposits, uncommitted (2)	13,354	448,244		4,980
Total lots under contract or option	30,551	$	1,091,999	$	47,832
Total purchase and option contracts not recorded on balance sheet (3)	30,551	$	1,091,999	$	47,832	(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 June 30, 2020.