Quarterly report pursuant to Section 13 or 15(d)

Real Estate and Capitalized Interest (Details)

Real Estate and Capitalized Interest (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Real Estate Properties    
Homes under contract under construction $ 316,508 [1] $ 192,948 [1]
Unsold homes, completed and under construction 123,602 [1] 107,466 [1]
Model homes 78,017 [1] 62,411 [1]
Finished home sites and home sites under development 721,492 634,106
Land held for development 53,053 [2] 56,118 [2]
Land held for sale 19,630 21,650
Communities in mothball status 32,912 [3] 38,488 [3]
Real estate $ 1,345,214 $ 1,113,187
[1] Includes the allocated land and land development costs associated with each lot for these homes.
[2] Land held for development primarily reflects land and land development costs related to land where development activity is not currently underway but is expected to begin in the future. For these parcels, we may have chosen not to currently develop certain land holdings as they typically represent a portion of a larger land parcel that we plan to build out over several years.
[3] Represents communities where we have decided to cease operations (mothball) as we have determined that their economic performance would be maximized by deferring development. In the future, some of these communities may be re-opened while others may be sold to third parties. If we deem our carrying value to not be fully recoverable, we adjust our carrying value for these assets to fair value at the time they are placed into mothball status. As of September 30, 2013, we had six mothballed communities with a carrying value of $29.6 million in our West Region and two mothballed communities with a carrying value of $3.3 million in our Central Region. We do not capitalize interest for such mothballed assets, and all ongoing costs of land ownership are also expensed as incurred.