Annual report pursuant to Section 13 and 15(d)

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

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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 (dollars in thousands):
 
 
 
Projected Number
of Lots (unaudited)
 
Purchase
Price
(unaudited)
 
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)
 
4,325

 
293,274

 
31,248

 
 
Purchase contracts — non-refundable deposits, committed (1)
 
5,468

 
206,986

 
15,787

 
 
Purchase and option contracts —refundable deposits, committed
 
751

 
32,974

 
401

 
 
Total committed
 
10,544

 
533,234

 
47,436

 
 
Purchase and option contracts — refundable deposits, uncommitted (2)
 
11,243

 
377,669

 
3,974

 
 
Total lots under contract or option
 
21,787

 
$
910,903

 
$
51,410

 
 
Total purchase and option contracts
 
21,787

 
$
910,903

 
$
51,410

 
(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, 2018.