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REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Real Estate Properties    
Homes under contract under construction [1] $ 617,790 $ 508,927
Unsold homes completed and under construction [1] 395,841 431,725
Model homes [1] 149,872 147,406
Finished home sites and home sites under development [2] 1,349,350 1,334,005
Real estate $ 2,512,853 $ 2,422,063
[1] Includes the allocated land and land development costs associated with each lot for these homes.
[2] Includes raw land, land held for development and land held for sale. 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 or phases of a larger land parcel that we plan to build out over several years. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.