Land Under Development

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Land Under Development

Land Under Development

On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots.  Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.

During 2021, we had the following significant land under development transactions:

–Sold a land parcel to a developer for approximately $45,800, which approximated our carrying value of the property as of the sale date. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel.

–Completed the development of one land parcel and transferred development costs totaling approximately $16,500 to inventory.

–Purchased two raw land parcels for a total purchase price of approximately $11,200, which are expected to produce approximately 200 lots.    

As of December 31, 2021, we owned land with a carrying value of $12,147 that we intend to develop into approximately 200 finished lots primarily for use in our homebuilding operations. We also have additional funding commitments of approximately $2,700 under a joint development agreement related to one project, a portion of which we expect will be offset by development credits of approximately $800. None of our land under development projects had any indicators of impairment as of December 31, 2021.

As of December 31, 2020, we directly owned land with a carrying value of $62,790, which was expected to produce approximately 500 finished lots.