Annual report pursuant to Section 13 and 15(d)

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

v3.6.0.2
VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)
 12 Months Ended
Dec. 31, 2016
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 that are not recorded on the balance sheet at December 31, 2016 (dollars in thousands):
 
 
 
Projected Number
of Lots (unaudited)
 
Purchase
Price
(unaudited)
 
Option/
Earnest  Money
Deposits–Cash
 
 
Option contracts — non-refundable deposits, committed (1)
 
4,608

 
$
413,812

 
$
59,380

 
 
Purchase contracts — non-refundable deposits, committed (1)
 
3,861

 
222,741

 
16,463

 
 
Purchase and option contracts —refundable deposits, committed
 
1,966

 
60,028

 
3,844

 
 
Total committed
 
10,435

 
696,581

 
79,687

 
 
Purchase and option contracts — refundable deposits, uncommitted (2)
 
6,744

 
289,500

 
5,869

 
 
Total purchase and option contracts
 
17,179

 
$
986,081

 
$
85,556

 
(3)
 
(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)
Amount is reflected in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2016.