Annual report pursuant to Section 13 and 15(d)

Real Estate and Capitalized Interest (Details)

Real Estate and Capitalized Interest (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Real Estate Properties    
Homes under contract under construction $ 262,633 [1] $ 192,948 [1]
Unsold homes, completed and under construction 147,889 [1] 107,466 [1]
Model homes 81,541 [1] 62,411 [1]
Finished home sites and home sites under development 813,135 634,106
Land held for development 52,100 [2] 56,118 [2]
Land held for sale 19,112 21,650
Communities in mothball status 28,889 [3] 38,488 [3]
Real estate $ 1,405,299 $ 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. In these cases, we may have chosen not to currently develop certain land holdings as they typically represent a portion of a large 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 December 31, 2013, we had five mothballed communities with a carrying value of $26.1 million in our West Region and one mothballed community with a carrying value of $2.8 million in our Central Region. During 2013, we placed one additional community into mothball status and removed five communities totaling $9.6 million out of mothball status. We do not capitalize interest for such mothballed assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are also expensed as incurred.