Shea Homes Limited Partnership Inactive 10-K9 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Registrant Name	SHEA HOMES LIMITED PARTNERSHIP
Entity Central Index Key	1531744
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	No
Entity Voluntary Filers	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Public Float	$0

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$236,902	$206,205	$279,756	$268,366
Restricted cash	426	1,189
Accounts and other receivables, net	147,508	147,499
Receivables from affiliates, net	6,403	31,313
Inventory	1,173,585	1,013,272
Investments in and advances to unconsolidated joint ventures	42,764	48,785
Other assets, net	59,122	57,070
Total assets	1,666,710	1,505,333
Liabilities:
Notes payable	761,404	751,708
Payables to affiliates	4,797	21
Accounts payable	67,321	62,346
Other liabilities	278,330	245,801
Total liabilities	1,111,852	1,059,876
SHLP equity:
Owners' equity	549,373	440,268
Accumulated other comprehensive income	5,106	4,788
Total SHLP equity	554,479	445,056
Non-controlling interests	379	401
Total equity	554,858	445,457	319,247	328,003
Total liabilities and equity	$1,666,710	$1,505,333

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Revenues	$419,919	$284,489	$256,083	$180,115	$340,031	$238,309	$217,310	$134,960	$1,140,606		$930,610		$680,147
Cost of sales									-885,018		-709,412		-538,434
Gross margin	82,564	67,894	60,273	44,857	85,388	55,848	48,426	31,536	255,588		221,198		141,713
Selling expenses									-63,429		-54,338		-45,788
General and administrative expenses									-54,921		-50,080		-43,747
Equity in income (loss) from unconsolidated joint ventures									9,142		-1,104		378
Gain (loss) on reinsurance transaction									7,177		2,011		-12,013
Interest expense									-595	[1]	-5,071	[1]	-19,862	[1]
Other income (expense), net									-1,350		-778		9,119
Income (loss) before income taxes									151,612		111,838		29,800
Income tax benefit (expense)									-18,213		14,101		-616
Net income	59,670	33,731	28,703	11,295	73,744	25,826	19,532	6,837	133,399		125,939		29,184
Less: Net loss (income) attributable to non-controlling interests									37		8		-146
Net income attributable to SHLP	$59,682	$33,749	$28,707	$11,298	$73,751	$25,824	$19,534	$6,838	$133,436		$125,947		$29,038

[1]	For the eight months ended August 31, 2013 and for the year ended December 31, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2014, qualifying assets exceeded debt; therefore, no interest on the Secured Notes (see Note 10) was expensed. 2014 interest expense represents fees charged on the unused Revolver (see Note 10) that is not considered a cost of borrowing and is not capitalized.

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$133,399	$125,939	$29,184
Other comprehensive income, before tax
Unrealized investment holding gains during the year	565	552	1,569
Less: Reclassification adjustments for investment gains included in net income	0	-39	-3,976
Comprehensive income, before tax	133,964	126,452	26,777
Income tax benefit (expense)	-247	-242	532
Comprehensive income, net of tax	133,717	126,210	27,309
Less: Comprehensive (income) loss attributable to non-controlling interests	37	8	-146
Comprehensive income attributable to SHLP	$133,754	$126,218	$27,163

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)		Total	Members Equity	Accumulated Other Comprehensive Income	Parent	Noncontrolling Interest	Limited Partner	Limited Partner	Limited Partner	General Partner
In Thousands, unless otherwise specified		Total	Members Equity	Accumulated Other Comprehensive Income	Parent	Noncontrolling Interest	Series B Preferred Stock	Series D Preferred Stock	Common Stock	Common Stock
Beginning Balance at Dec. 31, 2011		$328,003	$294,511	$6,392	$300,903	$27,100	$173,555	$120,955	$1	$0
Comprehensive income (loss):
Net income (loss)		29,184	29,038	0	29,038	146	0	29,038	0	0
Change in unrealized gains on investments, net		-1,875	0	-1,875	-1,875	0	0	0	0	0
Comprehensive income, net of tax		27,309			27,163	146
Redemption of Company's interest in consolidated joint venture (see Note 12)		-39,819	-11,580	0	-11,580	-28,239	0	-11,580	0	0
Contributions from owners and non-controlling interests	[1]	4,098	2,352	0	2,352	1,746	0	0	1,862	490
Distributions to non-controlling interests		-344	0	0	0	-344	0	0	0	0
Ending Balance at Dec. 31, 2012		319,247	314,321	4,517	318,838	409	173,555	138,413	1,863	490
Comprehensive income (loss):
Net income (loss)		125,939	125,947	0	125,947	-8	43,379	39,453	34,133	8,982
Change in unrealized gains on investments, net		271	0	271	271	0	0	0	0	0
Comprehensive income, net of tax		126,210			126,218	-8
Ending Balance at Dec. 31, 2013		445,457	440,268	4,788	445,056	401	216,934	177,866	35,996	9,472
Comprehensive income (loss):
Net income (loss)		133,399	133,436	0	133,436	-37	1,934	4,757	100,340	26,405
Change in unrealized gains on investments, net		318	0	318	318	0	0	0	0	0
Comprehensive income, net of tax		133,717			133,754	-37
Contributions from owners and non-controlling interests	[1]	960	945	0	945	15	0	0	748	197
Distributions to owners	[2]	-25,276	-25,276	0	-25,276	0	0	0	-20,010	-5,266
Ending Balance at Dec. 31, 2014		$554,858	$549,373	$5,106	$554,479	$379	$218,868	$182,623	$117,074	$30,808

[1]	For the years ended December 31, 2014 and 2012, the Company sold property to affiliates under common control and, in accordance with U.S. generally accepted accounting principles ("GAAP"), $0.9 million and $2.4 million, respectively, of consideration received in excess of the net book value was recorded as a contribution from owners.
[2]	In 2014, the Company acquired property from an affiliate under common control for $4.4 million of cash, assumption of a $1.3 million net liability, and estimated future revenue participation payments of $19.6 million. The $25.3 million of consideration was recorded as a distribution to owners.

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2012
Contribution from owners	$960,000	[1]	$4,098,000	[1]
Future payment for acquisition of property	20,891,000		0
Distribution to owners	25,276,000	[2]
Affiliated Entity
Contribution from owners			2,400,000
Payment for acquisition of property	4,400,000
Payment for acquisition of net liability	1,300,000
Affiliated Entity \| Future revenue participation payments
Future payment for acquisition of property	$19,600,000

[1]	For the years ended December 31, 2014 and 2012, the Company sold property to affiliates under common control and, in accordance with U.S. generally accepted accounting principles ("GAAP"), $0.9 million and $2.4 million, respectively, of consideration received in excess of the net book value was recorded as a contribution from owners.
[2]	In 2014, the Company acquired property from an affiliate under common control for $4.4 million of cash, assumption of a $1.3 million net liability, and estimated future revenue participation payments of $19.6 million. The $25.3 million of consideration was recorded as a distribution to owners.

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$133,399	$125,939	$29,184
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in (income) loss from unconsolidated joint ventures	-9,142	1,104	-378
(Gain) loss on reinsurance transaction	-7,177	-2,011	12,013
Net gain on sale of available-for-sale investments	0	-15	-8,806
Reversal of deferred tax asset valuation allowance	0	-15,630	0
Depreciation and amortization expense	12,630	10,608	8,638
Inventory impairment	9,035	0	0
Net interest capitalized on investments in unconsolidated joint ventures	-2,912	-2,278	-849
Distributions of earnings from unconsolidated joint ventures	18,790	7,100	1,400
Changes in operating assets and liabilities:
Restricted cash	763	11,842	687
Receivables and other assets	-2,607	-13,161	-18,134
Inventory	-178,700	-185,596	-68,733
Payables and other liabilities	28,375	14,231	38,323
Net cash provided by (used in) operating activities	2,454	-47,867	-6,655
Investing activities
Proceeds from sale of available-for-sale investments	184	3,165	26,547
Collections on promissory notes from affiliates	25,183	4,104	1,881
Investments in and advances to unconsolidated joint ventures	-29,158	-26,145	-11,967
Distributions of capital from unconsolidated joint ventures	38,767	4,072	427
Net cash provided by (used in) investing activities	34,976	-14,804	16,888
Financing activities
Principal payments to financial institutions and others	-3,308	-10,880	-2,429
Contributions from non-controlling interests	15	0	1,746
Distributions to non-controlling interests	0	0	-344
Contributions from owners	945	0	2,352
Distributions to owners	-4,385	0	0
Other financing activities	0	0	-168
Net cash provided by (used in) financing activities	-6,733	-10,880	1,157
Net increase (decrease) in cash and cash equivalents	30,697	-73,551	11,390
Cash and cash equivalents at beginning of year	206,205	279,756	268,366
Cash and cash equivalents at end of year	$236,902	$206,205	$279,756

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2014
Organization	1. Organization
	Shea Homes Limited Partnership, a California limited partnership (“SHLP”), was formed January 4, 1989, pursuant to an agreement of partnership (the “Agreement”), as most recently amended August 6, 2013, by and between J.F. Shea, G.P., a Delaware general partnership, as general partner, and our limited partners who are comprised of entities and trusts, including J.F. Shea Co., Inc. (“JFSCI”), that are under common control of Shea family members (collectively, the “Partners”). J.F. Shea, G.P. is 96% owned by JFSCI.
	Nature of Operations
	Our principal business purpose is homebuilding, which includes acquiring and developing land and constructing and selling new residential homes thereon. To a lesser degree, we develop and sell land to other homebuilders. Our principal markets are California, Arizona, Colorado, Washington, Nevada, Florida, Virginia, North Carolina and Texas.
	We own a captive insurance company, Partners Insurance Company, Inc. (“PIC”), which provided warranty, general liability, workers’ compensation and completed operations insurance for related companies and third-party subcontractors. Effective for the policy years commencing in 2007, PIC ceased issuing policies for these coverages (see Note 11).

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2014
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying consolidated financial statements include SHLP and its wholly-owned subsidiaries, including Shea Homes, Inc. (“SHI”) and its wholly-owned subsidiaries. The Company consolidates all joint ventures in which it has a controlling interest or other ventures in which it is the primary beneficiary of a variable interest entity (“VIE”). Material intercompany accounts and transactions are eliminated.
	Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to SHLP, its subsidiaries and its consolidated joint ventures.
	Use of Estimates
	Preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Estimates primarily relate to valuation of certain real estate and reserves for self-insured risks. Actual results could differ significantly from those estimates.
	Reclassifications
	Certain reclassifications were made in the 2013 consolidated financial statements to conform to classifications in 2014. At December 31, 2013, in the consolidated balance sheet, advances to unconsolidated joint ventures of $1.0 million were reclassified from receivables from affiliates to investments in and advances to unconsolidated joint ventures. In addition, for the year ended December 31, 2013 and 2012, in the consolidated statements of cash flows, advances of $0.8 million were reclassified from promissory notes from affiliates to investments in and advances to unconsolidated joint ventures, and collections of $0.1 million were reclassified from promissory notes from affiliates to distributions of capital from unconsolidated joint ventures, respectively.
	Cash and Cash Equivalents
	All highly liquid investments (original maturities of 90 days or less) are considered to be cash equivalents.
	Concentration of Credit Risk
	Financial instruments representing concentrations of credit risk are primarily cash, cash equivalents, investments and insurance receivables.

	Cash in banks exceeded the federally insured limits; cash equivalents comprised primarily of money market securities and securities backed by the U.S. government; and insurance receivables were with highly rated insurers and/or collateralized. We have incurred no losses on deposits of cash and cash equivalents and believe our depository institutions are financially sound and present minimal credit risk.
	Inventory
	We capitalize preacquisition, land, development and other allocated costs, including interest, during development and home construction. Applicable costs incurred after development or construction is substantially complete are charged to selling, general and administrative, and other expenses as appropriate. Preacquisition costs, including non-refundable land deposits, are expensed to other income (expense), net when we determine continuation of the respective project is not probable.
	Land, development and other indirect costs are typically allocated to inventory using a methodology that approximates the relative-sales-value method. Home construction costs are recorded using the specific identification method. Cost of sales for homes delivered includes the specific construction costs of each home and all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) based upon the total number of homes expected to be delivered in each community. Changes to estimated total development costs subsequent to initial home deliveries in a community are generally allocated on a relative-sales-value method to remaining homes in the community.
	Inventory is stated at cost, unless the carrying amount (other than land held for sale) is determined to be unrecoverable, in which case inventory is adjusted to fair value. For land held for sale, inventory is stated at the lower of cost or fair value less cost to sell. Quarterly, we review our real estate assets at each community for indicators of impairment. Real estate assets include projects actively selling, under development, held for future development or held for sale. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses.
	If there are indications of impairment, we analyze the budgets and cash flows of our real estate assets and compare the estimated remaining undiscounted future cash flows of the community to the asset’s carrying value. If the undiscounted cash flows exceed the asset’s carrying value, no impairment adjustment is required. If the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and adjusted to fair value. For land held for sale, if the fair value less costs to sell exceeds the asset’s carrying value, no impairment adjustment is required. These impairment evaluations require use of estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if estimated future undiscounted cash flows will be sufficient to recover the asset’s carrying value.
	When estimating undiscounted cash flows of a community, various assumptions are made, including: (i) the number of homes available and expected prices and incentives offered by us or other builders, and future price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs to date and expected to be incurred, including, but not limited to, land and land development, home construction, interest, indirect construction and overhead, and selling and marketing costs; (iv) alternative product offerings that could impact sales pace, sales price and/or building costs; and (v) alternative uses for the property.
	Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales rates have a direct impact on the estimated price of a home, the level of time sensitive costs (such as indirect construction, overhead and interest), and selling and marketing costs (such as model maintenance and advertising). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flows. For example, if our objective is to preserve operating margins, our cash flows will be different than if the objective is to increase sales. These objectives may vary significantly by community.
	If assets are considered impaired, the impairment charge is the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets or other valuation techniques. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when the assessment is made. These factors are specific to each community and may vary among communities. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. We generally use discount rates ranging from 10% to 25%, subject to perceived risks associated with the community’s cash flow streams relative to its inventory.

	Completed Operations Claim Costs
	We maintain, and require our subcontractors to maintain, general liability insurance which includes coverage for completed operations losses and damages. Most subcontractors carry this insurance through our “rolling wrap-up” insurance program, where our risks and risks of participating subcontractors are insured through a common set of master policies.
	Completed operations claims reserves primarily represent claims for property damage to completed homes and projects outside of our one- to two-year fit and finish warranty period. Specific length, terms and conditions of completed operations claims vary depending on the market where homes deliver and can range up to ten years from the delivery of a home.
	We record expenses and liabilities for estimated costs of potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported and is actuarially estimated using individual case-based valuations and statistical analysis. These estimates make up our entire reserve and are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, claims reporting and settlement patterns, third party recoveries, insurance industry practices, insurance regulations and legal precedent. Because state regulations vary, completed operations claims are reported and resolved over an extended period, sometimes exceeding ten years. As a result, actual costs may differ significantly from estimates.
	The actuarial analyses that determine these incurred but not reported claims consider various factors, including frequency and severity of losses, which are based on historical claims experience supplemented by industry data. The actuarial analyses of these claims and reserves also consider historical third party recovery rates and claims management expenses. Due to inherent uncertainties related to each of these factors, changes based on updated relevant information could result in actual costs differing significantly from estimates.
	In accordance with our completed operations insurance policies, completed operations claims costs are recoverable from our subcontractors or insurance carriers. For policy years from August 1, 2001 through the present, completed operations claims are insured or reinsured by third-party and affiliate insurance carriers.
	Revenues
	In accordance with Accounting Standards Codification (“ASC”) 360, revenues from housing and other real estate sales are recognized when the respective units deliver. Housing and other real estate sales deliver when all conditions of escrow are met, including delivery of the home or other real estate asset to the customer, title passage, appropriate consideration is received or collection of associated receivables, if any, is reasonably assured and when we have no other continuing involvement in the asset. Sales incentives are a reduction of revenues when the respective unit delivers.
	Income Taxes
	SHLP is treated as a partnership for income tax purposes. As a limited partnership, SHLP is subject to certain minimal state taxes and fees; however, taxes on income realized by SHLP are generally the obligation of the Partners and their owners.
	SHI and PIC are C corporations. Federal and state income taxes are provided for these entities in accordance with ASC 740. The provision for, or benefit from, income taxes is calculated using the asset and liability method, whereby deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect the year in which differences are expected to reverse.
	Deferred tax assets are evaluated to determine whether a valuation allowance should be established based on our determination if it is more likely than not some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends primarily on generation of future taxable income during periods in which those temporary differences become deductible. Assessment of a valuation allowance includes giving appropriate consideration to all positive and negative evidence related to realization of the deferred tax asset. This assessment considers, among other things, the nature, frequency and severity of current and cumulative losses in recent years, forecasts of future profitability, duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards before they expire, and tax planning alternatives. Judgment is required in determining future tax consequences of events that have been recognized in the consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial position or results of operations.

	We follow certain accounting guidance on how uncertain tax positions should be accounted for and disclosed in the consolidated financial statements. The guidance requires assessment of tax positions taken or expected to be taken in the tax returns and to determine whether the tax positions are “more-likely-than-not” of being sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not criteria would be recorded as a tax benefit or expense in the current year. We are required to assess open tax years, as defined by the statute of limitations, for all major jurisdictions, including federal and certain states. Open tax years are those that are open for examination by taxing authorities. We have examinations in progress but believe no uncertain tax positions exist that do not meet the more-likely-than-not criteria (see Note 13).
	Advertising Costs
	We expense advertising costs as incurred. For the years ended December 31, 2014, 2013 and 2012, we incurred and expensed advertising costs of $12.1 million, $7.4 million and $6.6 million, respectively.
	New Accounting Pronouncements
	In April 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which is intended to change the criteria for reporting discontinued operations and enhance disclosures. Under this new guidance, only disposals representing a strategic shift in operations having a major effect on the entity’s operations and financial results should be presented as discontinued operations. If the disposal does qualify as a discontinued operation, the entity will be required to provide expanded disclosures, as well as disclosure of the pretax income attributable to the disposal of a significant part of an entity that does not qualify as a discontinued operation. ASU 2014-08 will be effective beginning January 1, 2015 and subsequent interim periods. The adoption of ASU 2014-08 is not expected to have a material effect on our consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides a single comprehensive model in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model requiring entities to exercise judgment when considering the terms of the contract(s) including (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 will be effective beginning January 1, 2017 and subsequent interim periods. We have the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. Early adoption is not permitted. We are evaluating the impact the adoption of ASU 2014-09 will have on our consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, (“ASU 2014-15”). ASU 2014-15 requires us to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about our ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. ASU 2014-15 will be effective beginning January 1, 2016 and subsequent interim periods. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements.

Restricted_Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2014
Restricted Cash	3. Restricted Cash
	At December 31, 2014, restricted cash included customer deposits temporarily restricted in accordance with regulatory requirements and cash used in lieu of bonds. At December 31, 2014 and December 31, 2013, restricted cash was $0.4 million and $1.2 million, respectively.

Fair_Value_Disclosures

Fair Value Disclosures

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures

4. Fair Value Disclosures

ASC 820, Fair Value Measurement, defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:

•

Level 1 — Quoted prices for identical instruments in active markets

•

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date

•

Level 3 — Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date

At December 31, 2014, the non-financial instruments measured at fair value on a non-recurring basis were Level 3 inventories with a $23.9 million net book value and a $14.9 million fair value, resulting in an impairment charge of $9.0 million recorded in cost of sales.

Fair values for inventories using Level 3 inputs were primarily based on estimated future cash flows discounted for inherent risk associated with each asset. These discounted cash flows were impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset was located when assessment was made. These factors were specific to each community and may vary among communities. The discount rate used in determining each asset’s fair value depended on the community’s projected life and development stage. We generally use discount rates from 10% to 25%, subject to perceived risks associated with the community’s cash flow streams relative to its inventory.

At December 31, 2014 and 2013, as required by ASC 825, net book value and estimated fair value of notes payable were as follows:

December 31, 2014

December 31, 2013

Net Book

Estimated

Net Book

Estimated

Value

Fair Value

Value

Fair Value

(In thousands)

$750,000 8.625% senior secured notes due May 2019

750,000

787,500

750,000

830,625

Secured promissory notes

11,404

1,708

The $750.0 million 8.625% senior secured notes due May 2019 (the “Secured Notes”) are level 2 financial instruments in which fair value was based on quoted market prices in an inactive market at the end of the year.

Other financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other liabilities and secured promissory notes. Book values of these financial instruments approximate fair value due to their relatively short-term nature. In addition, included in other assets are available-for-sale marketable securities, which are recorded at fair value.

Accounts_and_Other_Receivables

Accounts and Other Receivables, Net	12 Months Ended
Accounts and Other Receivables, Net	Dec. 31, 2014
Accounts and Other Receivables, Net	5. Accounts and Other Receivables, Net
	At December 31, 2014 and 2013, accounts and other receivables, net were as follows:


		December 31,
		2014			2013
		(In thousands)
	Insurance receivables	$	136,155		$	138,610
	Escrow receivables		3,965			586
	Notes receivables		4,091			3,155
	Development receivables		1,317			3,093
	Other receivables		3,941			4,031
	Reserve		(1,961	)		(1,976	)

	Total accounts and other receivables, net	$	147,508		$	147,499


	Insurance receivables are from insurance carriers for reimbursable claims pertaining to resultant damage from construction defects on delivered homes (see Note 11). Delivered homes for policy years August 1, 2001 to present are insured or reinsured by third-party and affiliate insurance carriers. At December 31, 2014 and 2013, insurance receivables from affiliate insurance carriers were $61.4 million and $44.0 million, respectively.
	We reserve for uncollectible receivables that are specifically identified.

Inventory

Inventory	12 Months Ended
Inventory	Dec. 31, 2014
Inventory	6. Inventory
	At December 31, 2014 and 2013, inventory was as follows:


			December 31,
			2014			2013
			(In thousands)
	Model homes		$	86,340		$	87,728
	Completed homes for sale			32,350			20,285
	Homes under construction			310,318			257,662
	Lots available for construction			402,001			342,622
	Land under development			107,120			122,257
	Land held for future development			126,925			70,618
	Land held for sale			78,845			79,102
	Land deposits and preacquisition costs			29,686			32,998

	Total inventory		$	1,173,585		$	1,013,272

	Model homes, completed homes for sale and homes under construction include all costs associated with home construction, including land, development, indirects, permits and vertical construction. Lots available for construction include costs incurred prior to home construction such as land, development, indirects and permits. Land under development includes costs incurred during site development such as land, development, indirects and permits. Land under development transfers to lots available for construction once site development is complete and is ready for vertical construction. Land is classified as held for future development if significant development has not occurred. Land held for sale represents residential and commercial land designated for sale, including water system connection rights that will be transferred to homebuyers upon delivery of their home, transferred upon sale of land to the respective buyer, sold or leased, but generally only within the local jurisdiction. At December 31, 2014 and 2013, land held for sale included water system connection rights of $12.6 million and $11.4 million, respectively.
	Impairment
	Inventory, including the captions above, are stated at cost, unless the carrying amount is determined to be unrecoverable, in which case inventories are adjusted to fair value or fair value less costs to sell (see Note 2).
	For the years ended December 31, 2014, 2013 and 2012, inventory impairment charges were as follows:


			Years Ended December 31,
			2014			2013			2012
			(Dollars in thousands)
	Inventory impairment charge		$	9,035		$	0		$	0

	Remaining carrying value of inventory impaired at end of year		$	14,888		$	0		$	0

	Projects impaired			3			0			0

	Projects evaluated for impairment (a)			145			126			132


	(a)	Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly.

	Write-off of Deposits and Preacquisition Costs
	Land deposits and preacquisition costs for potential acquisitions and land option contracts are included in inventory. When a potential acquisition or land option contract is abandoned, related deposits and preacquisition costs are written off to other income (expense), net. For the years ended December 31, 2014, 2013 and 2012, write-offs of deposits and preacquisition costs were $1.3 million, $1.4 million and $2.0 million, respectively.
	Interest Capitalization
	Interest is capitalized to inventory during development and other qualifying activities and is charged to cost of sales as related units deliver. Interest is capitalized to investments in unconsolidated joint ventures during the period the joint venture has activities in progress to commence its planned principal operations, and is charged to equity in income (loss) from unconsolidated joint ventures over the useful life of the joint venture’s assets.
	For the years ended December 31, 2014, 2013 and 2012, interest incurred, capitalized and expensed was as follows:


			Years Ended December 31,
			2014			2013			2012
			(In thousands)
	Interest incurred		$	68,204		$	67,048		$	66,857

	Interest expensed (a)		$	595		$	5,071		$	19,862

	Interest capitalized as a cost of inventory		$	64,697		$	59,699		$	46,146

	Interest previously capitalized as a cost of inventory, included in cost of sales		$	(68,780	)	$	(60,448	)	$	(54,733	)

	Interest capitalized in ending inventory (b)		$	98,017		$	102,100		$	102,849

	Interest capitalized as a cost of investments in unconsolidated joint ventures		$	2,912		$	2,278		$	849

	Interest previously capitalized as a cost of investments in joint ventures, included in equity in income (loss) from unconsolidated joint ventures		$	(2,444	)	$	(1,189	)	$	(849	)

	Interest capitalized in ending investments in unconsolidated joint ventures		$	1,557		$	1,089		$	0


(a)	For the eight months ended August 31, 2013 and for the year ended December 31, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2014, qualifying assets exceeded debt; therefore, no interest on the Secured Notes (see Note 10) was expensed. 2014 interest expense represents fees charged on the unused Revolver (see Note 10) that is not considered a cost of borrowing and is not capitalized.
(b)	Inventory impairment charges were recorded against total inventory of the respective community. Capitalized interest reflects the gross amount of capitalized interest as impairment charges recognized were generally not allocated to specific components of inventory.
Model Homes Costs
Certain costs of model homes are capitalized to inventory and amortized as selling expense when the related units in the respective communities deliver. For the years ended December 31, 2014, 2013 and 2012, amortized model homes costs were $12.0 million, $10.3 million and $8.2 million, respectively.

Investments_in_and_Advances_to

Investments in and Advances to Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2014
Investments in and Advances to Unconsolidated Joint Ventures	7. Investments in and Advances to Unconsolidated Joint Ventures
	Unconsolidated joint ventures, which we do not control but have significant influence through ownership interests generally up to 50%, are accounted for using the equity method of accounting. These joint ventures are generally involved in real property development. Earnings and losses are allocated in accordance with terms of joint venture agreements.
	Losses and distributions from joint ventures in excess of the carrying amount of our investment (“Deficit Distributions”) are included in other liabilities. We record Deficit Distributions since we are liable for this deficit to the respective joint ventures. Deficit Distributions are offset by future earnings of, or future contributions to, the joint ventures. At December 31, 2014 and 2013, Deficit Distributions were $0.3 million and $0.4 million, respectively.

	At December 31, 2014 and 2013, investments in and advances to unconsolidated joint ventures were as follows:


			December 31,
			2014				2013
			(In thousands)
	Equity investments		$	34,037			$	47,748
	Loan advances			8,727				1,037

	Total investments in and advances to unconsolidated joint ventures		$	42,764			$	48,785

	At December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, condensed financial information for our unconsolidated joint ventures was as follows:
	Condensed Balance Sheet Information


			December 31,
			2014				2013
			(In thousands)
	Assets
	Real estate inventory		$	253,422			$	267,460
	Other assets			83,674				130,840

	Total assets		$	337,096			$	398,300

	Liabilities and equity
	Notes payable		$	159,042			$	78,589
	Other liabilities			58,376				99,395

	Total liabilities			217,418				177,984
	Equity:
	The Company (a)			33,731				47,397
	Others			85,947				172,919

	Total equity			119,678				220,316

	Total liabilities and equity		$	337,096			$	398,300

	Condensed Income Statement Information


			Years Ended December 31,
			2014				2013			2012
			(In thousands)
	Revenues		$	288,623			$	90,743		$	46,586
	Expenses			(223,899	)			(85,594	)		(48,079	)

	Net income (loss)			64,724				5,149			(1,493	)

	The Company’s share of net income (loss)		$	9,142			$	(1,104	)	$	378


	(a)	At December 31, 2014 and 2013, includes Deficit Distributions of $0.3 million and $0.4 million, respectively.

	At December 31, 2014 and 2013, total unconsolidated joint ventures’ notes payable consisted of the following:


			December 31,
			2014				2013
			(In thousands)
	Bank and seller notes payable:
Guaranteed (subject to remargin obligations)		$	55,675			$	52,515
Non-Guaranteed			34,824				10,073

Total bank and seller notes payable (a)			90,499				62,588

Partner notes payable (b) :
Unsecured			68,543				16,001

Total unconsolidated joint venture notes payable		$	159,042			$	78,589

Other unconsolidated joint venture notes payable (c)		$	83,847			$	55,441


(a)	All bank and seller notes were secured by real property.
(b)	No guarantees were provided on partner notes payables. In January 2014, a $3.2 million partner note from one joint venture was paid in full.
(c)	Through indirect effective ownership in two joint ventures of 12.3% and 0.0003%, respectively, that had bank notes payable secured by real property in which we have not provided a guaranty.
At December 31, 2014 and 2013, remargin obligations and guarantees provided on debt of our unconsolidated joint ventures were on a joint and/or several basis and include, but are not limited to, project completion, interest and carry, and loan-to-value maintenance guarantees.
For a joint venture, RRWS, LLC (“RRWS”), we have a remargin obligation that is limited to the lesser of 50% of the outstanding balance in total for these joint venture loans or $35.0 million, which outstanding loan balances at December 31, 2014 and 2013 were $43.0 million and $47.7 million, respectively. Consequently, our maximum remargin obligation at December 31, 2014 and 2013 was $21.5 million and $23.8 million, respectively. We also have an agreement where we could potentially recover a portion of payments we made. However, we cannot provide assurance we could collect under this agreement.
For a second joint venture, Polo Estates Ventures, LLC (“Polo”), we have a joint and several remargin guarantee on loan obligations which, in total at December 31, 2014 and 2013 were $12.7 million and $4.8 million, respectively. At December 31, 2014 and 2013, the total maximum borrowings permitted on these loans were $21.6 million and $21.6 million, respectively. We also have reimbursement rights where we could potentially recover a portion of payments we made. However, we cannot provide assurance we could collect such payments.
No liabilities were recorded for these guarantees at December 31, 2014 and 2013 as the fair value of the secured real estate assets exceeded the threshold at which a remargin payment is required.
At December 31, 2014 and 2013, loan advances to unconsolidated joint ventures, including accrued interest, were $8.7 million and $1.0 million, respectively. These notes receivable bear interest ranging from 7.5% to 12% and mature through 2021. Further, a loan advance bearing 8% interest can earn additional interest to achieve a 17.5% internal rate of return, subject to available cash flows of the joint venture, and can be repaid prior to 2020. Quarterly, we evaluate collectability of these loan advances, which includes consideration of prior payment history, operating performance and future payment requirements under the applicable note. Based on these criteria, we do not anticipate collection risks on these loan advances.

Our ability to make joint venture and other restricted payments and investments is governed by the Indenture governing the Secured Notes (the “Indenture”, see Note 10). We are permitted to make restricted payments under (i) a $70.0 million revolving basket available solely for joint venture investments and advances; (ii) a $10 million general basket that can be used for joint venture investments and advances; and (iii) a broader restricted payment basket available if our Consolidated Fixed Charge Coverage Ratio (as defined in the Indenture) is at least 2.0 to 1.0. The aggregate amount of restricted payments made under this broader restricted payment basket cannot exceed 50% of our cumulative Consolidated Net Income (as defined in the Indenture) generated from and including October 1, 2013, plus the aggregate net cash proceeds of, and the fair market value of, any property or other asset received by the Company as a capital contribution or upon the issuance of indebtedness or certain securities by the Company from and including October 1, 2013, plus, to the extent not included in Consolidated Net Income, certain amounts received in connection with dispositions, distributions or repayments of restricted investments, plus the value of any unrestricted subsidiary which is redesignated as a restricted subsidiary under the Indenture. We have joint ventures which have used, and are expected to use, capacity under these restricted payment baskets. In 2013, we entered into a joint venture in Southern California and committed to contribute up to $45.0 million. At December 31, 2013, we made aggregate contributions of $15.1 million to this joint venture, which were returned to us by December 31, 2014.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2014
Variable Interest Entities	8. Variable Interest Entities

	ASC 810 requires a VIE to be consolidated in the financial statements of a company if it is the primary beneficiary of the VIE. Accordingly, the primary beneficiary has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb its losses or the right to receive its benefits. At December 31, 2014 and 2013, all VIEs were evaluated to determine the primary beneficiary.

	Joint Ventures

	We enter into joint ventures for homebuilding and land development activities. Investments in these joint ventures may create a variable interest in a VIE, depending on contractual terms of the venture. We analyze our joint ventures in accordance with ASC 810 to determine whether they are VIEs and, if so, whether we are the primary beneficiary. At December 31, 2014 and 2013, these joint ventures were not consolidated in our consolidated financial statements since they were not VIEs, or if they were VIEs, we were not the primary beneficiary.

	At December 31, 2014 and 2013, we had a variable interest in an unconsolidated joint venture determined to be a VIE. The joint venture, RRWS, was formed in December 2012 and is owned 50% by us and 50% by a third-party real estate developer (the “RRWS Partner”). Several acquisition, development and construction loans were entered into by RRWS, each with two-year terms and options to extend for one year, subject to certain conditions. Each loan is cross collateralized and cross defaulted with the other loan. We and RRWS Partner each executed limited completion, interest and carry guarantees and environmental indemnities on a joint and several basis. In addition, we and RRWS Partner executed loan-to-value maintenance agreements for each loan on a joint and several basis. We have a maximum aggregate liability under the remargin arrangements of the lesser of 50% of the outstanding balances in total for these joint venture loans or $35.0 million. Our and RRWS Partner’s obligations under the remargin arrangements are limited during the first two years of the loans. In addition to remargin arrangements, the RRWS Partner and several of its principals executed repayment guarantees with no limit on their liability. At December 31, 2014 and 2013, outstanding bank notes payable were $43.0 million and $47.7 million, respectively, of which we have a maximum remargin obligation of $21.5 million and $23.8 million, respectively. We also have an agreement from the RRWS Partner, under which we could potentially recover a portion of payments we made. However, we cannot provide assurance we could collect under this agreement.

	At December 31, 2014 and 2013, we had a variable interest in a second unconsolidated joint venture determined to be a VIE. The joint venture, Polo, was formed in November 2012 and is owned 50% by us and 50% by a third-party investor (“Polo Partner”). Polo entered into acquisition, development and construction loans in July 2013 with two-year terms and options to extend for one year, subject to certain conditions. Each loan is cross collateralized and cross defaulted with the other loan. We and Polo Partner each executed loan-to-value maintenance arrangements for each loan on a joint and several basis. At December 31, 2014 and 2013, outstanding bank notes payable were $12.7 million and $4.8 million, respectively, and total maximum borrowings permitted on these loans were $21.6 million and $21.6 million, respectively. We also have reimbursement rights where we could potentially recover a portion of payments we made. However, we cannot provide assurance we could collect such payments.

	At December 31, 2014 and December 31, 2013, we had a variable interest in a third unconsolidated joint venture determined to be a VIE. The joint venture, Vistancia West Holdings LP (“Vistancia West”), was formed in August 2013 and is owned 10% by us and 90% by a third-party investor (“Vistancia West Partner”). A wholly-owned subsidiary of Vistancia West entered into a $27.5 million revolving credit facility in September 2014 with a three-year term, renewable annually subject to certain conditions. The revolving credit facility is secured by the underlying property and is non-recourse to us and the Vistancia West Partner. At December 31, 2014, outstanding bank notes payable were $3.8 million.



	In accordance with ASC 810, we determined we were not the primary beneficiaries of RRWS, Polo and Vistancia West because we did not have the power to direct activities that most significantly impact the economic performance of these entities, such as determining or limiting the scope or purpose of the respective entity, selling or transferring property owned or controlled by the respective entity, and arranging financing for the respective entity.

	Land Option Contracts

	We enter into land option contracts to procure land for home construction. Use of land option and similar contracts allows us to reduce market risks associated with direct land ownership and development, reduces capital and financial commitments, including interest and other carrying costs, and minimizes land inventory. Under these contracts, we pay a specified deposit for the right to purchase land, usually at a predetermined price. Under the requirements of ASC 810, certain contracts may create a variable interest with the land seller.

	In accordance with ASC 810, we analyzed our land option and similar contracts to determine if respective land sellers are VIEs and, if so, if we are the primary beneficiary. Although we do not have legal title to the optioned land, ASC 810 requires us to consolidate a VIE if we are the primary beneficiary. At December 31, 2014 and 2013, we determined we were not the primary beneficiary of such VIEs because we did not have the power to direct activities of the VIE that most significantly impact the VIE’s economic performance, such as selling, transferring or developing land owned by the VIE.

	At December 31, 2014, we had $4.2 million of refundable and non-refundable cash deposits associated with land option contracts with unconsolidated VIEs, having a $60.6 million remaining purchase price. We also had $21.2 million of refundable and non-refundable cash deposits associated with land option contracts that were not with VIEs, having a $450.6 million remaining purchase price.

	Our loss exposure on land option contracts consists of non-refundable deposits, which were $24.8 million and $6.9 million at December 31, 2014 and 2013, respectively, and capitalized preacquisition costs of $4.4 million and $12.0 million, respectively, which were in inventory in the consolidated balance sheets.

Other_Assets_Net

Other Assets, Net	12 Months Ended
Other Assets, Net	Dec. 31, 2014
Other Assets, Net	9. Other Assets, Net
	At December 31, 2014 and 2013, other assets were as follows:


		December 31,
		2014		2013
		(In thousands)
	Income tax receivable	$	1,384	$	2,199
	Deferred tax asset (see Note 13)		20,159		16,337
	Investments		9,815		9,439
	Property and equipment, net		4,140		4,103
	Capitalized loan origination fees		9,730		11,089
	Deposits in lieu of bonds and letters of credit		8,653		10,294
	Prepaid insurance		2,589		2,460
	Other		2,652		1,149

	Total other assets, net	$	59,122	$	57,070

	Investments
	Investments consist of available-for-sale securities, primarily private debt obligations, and are measured at fair value, which is based on quoted market prices or cash flow models. Accordingly, unrealized gains and temporary losses on investments, net of tax, are reported as accumulated other comprehensive income (loss). Realized gains and losses are determined using the specific identification method.
	For the year ended December 31, 2013, there were $0.1 million of realized gains on available-for-sale securities. For the year ended December 31, 2014, there were no realized gains or losses.

	Capitalized Loan Origination Fees
	In accordance with ASC 470, loan origination fees are capitalized and amortized as interest over the term of the related debt.
	Deposits in Lieu of Bonds and Letters of Credit
	We make cash deposits in lieu of bonds or letters of credit with various agencies for some of our homebuilding projects. These deposits may be returned as the collateral requirements decrease or they are replaced with new bonds or letters of credit.

Notes_Payable

Notes Payable	12 Months Ended
Notes Payable	Dec. 31, 2014
Notes Payable	10. Notes Payable
	At December 31, 2014 and 2013, notes payable were as follows:


		December 31,
		2014		2013
		(In thousands)
	$750.0 million 8.625% senior secured notes, due May 2019	$	750,000	$	750,000
	$125.0 million secured revolving credit facility (the “Revolver”), interest currently at the applicable Eurocurrency rate plus 2.75%, matures March 1, 2016		0		0
	Promissory notes, interest ranging from 1% to 4%, maturing through 2016, secured by deeds of trust on inventory		11,404		1,708

	Total notes payable	$	761,404	$	751,708

	Our Secured Notes were issued on May 10, 2011 at $750.0 million, bear interest at 8.625% paid semi-annually on May 15 and November 15, and do not require principal payments until maturity on May 15, 2019. The Secured Notes are redeemable, in whole or in part, at the Company’s option beginning on May 15, 2015 at a price of 104.313 per bond, reducing to 102.156 on May 15, 2016 and are redeemable at par beginning on May 15, 2017. The Secured Notes may be redeemed prior to May 15, 2015 subject to a make-whole premium. At December 31, 2014 and 2013, accrued interest was $8.1 million and $8.1 million, respectively.
	The Indenture contains covenants that limit, among other things, our ability to incur additional indebtedness (including the issuance of certain preferred stock), pay dividends and distributions on our equity interests, repurchase our equity interests, retire unsecured or subordinated notes more than one year prior to their maturity, make investments in subsidiaries and joint ventures that are not restricted subsidiaries that guarantee the Secured Notes, sell certain assets, incur liens, merge with or into other companies, expand into unrelated businesses, and enter in certain transactions with our affiliates. At December 31, 2014 and 2013, we were in compliance with these covenants.
	In February 2014, we replaced our $75.0 million letter of credit facility with the Revolver, which bears interest, at the Company’s option, either at (i) a daily eurocurrency base rate as defined in the credit agreement governing the Revolver (the “Credit Agreement”), plus a margin of 2.75%, or (ii) a eurocurrency rate as defined in the Credit Agreement, plus a margin of 2.75%, and matures March 1, 2016. Borrowing availability is determined by a borrowing base formula and we are subject to financial covenants, including minimum net worth and leverage and interest coverage ratios. If we do not maintain compliance with these financial covenants, the Revolver converts to an 18-month amortizing term loan. At December 31, 2014, we were in compliance with these covenants and no amounts were outstanding.

Other_Liabilities

Other Liabilities	12 Months Ended
Other Liabilities	Dec. 31, 2014
Other Liabilities	11. Other Liabilities

	At December 31, 2014 and 2013, other liabilities were as follows:



			December 31,
			2014				2013
			(In thousands)
	Completed operations reserves		$	136,155			$	138,610
	Warranty reserves			22,698				20,648
	Accrued profit and revenue participation arrangements (see Note 12)			23,815				678
	Deferred revenue/gain			22,769				29,358
	Provisions for delivered homes/communities			9,116				10,591
	Deposits (primarily homebuyer)			17,869				14,281
	Legal reserves			15,705				4,576
	Accrued interest			8,127				8,086
	Accrued compensation and benefits			12,534				9,389
	Distributions payable			2,169				2,531
	Deficit Distributions (see Note 7)			307				351
	Other			7,066				6,702

	Total other liabilities		$	278,330			$	245,801


	Completed Operations Reserves

	Reserves for completed operations primarily represent claims for property damage to completed homes and projects outside of our one-to-two year fit and finish warranty period. Specific length, terms and conditions of completed operations claims vary depending on the market in which homes deliver and can range up to ten years from the delivery of a home. Expenses and liabilities are recorded for potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported, and is actuarially estimated using individual case-based valuations and statistical analysis. For policy years from August 1, 2001 through the present, completed operations claims are insured or reinsured by third-party and affiliate insurance carriers.

	For the years ended December 31, 2014, 2013 and 2012, changes in completed operations reserves were as follows:



			Years Ended December 31,
			2014				2013				2012
			(In thousands)
	Insured completed operations
	Balance, beginning of the year		$	138,610			$	131,519			$	109,390
	Reserves provided			15,133				19,002				40,087
	Claims paid			(17,588	)			(11,911	)			(17,958	)

	Total completed operations reserves		$	136,155			$	138,610			$	131,519


	Reserves provided for completed operations are generally fully offset by changes in insurance receivables (see Note 5); however, premiums paid for completed operations insurance policies are included in cost of sales. For actual completed operations claims and estimates of completed operations claims incurred but not reported, we estimate and record corresponding insurance receivables under applicable policies when recovery is probable. At December 31, 2014 and 2013, insurance receivables were $136.2 million and $138.6 million, respectively.

	Expenses, liabilities and receivables related to these claims are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, claims reporting and settlement patterns, insurance industry practices, insurance regulations and legal precedent. Although considerable variability is inherent in such estimates, we believe reserves for completed operations claims are adequate.



	Warranty Reserve

	We offer a limited one or two year fit and finish warranty for our homes. Specific terms and conditions of these warranties vary in the markets in which homes deliver. We estimate warranty costs to be incurred and record a liability and a charge to cost of sales when home revenue is recognized. We also include in our warranty reserve the uncovered losses related to completed operations coverage, which approximates 12.5% of the total property damage estimate. Factors affecting warranty liability include number of homes delivered, historical and anticipated warranty claims, and cost per claim history and trends. We regularly assess the adequacy of our warranty liabilities and adjust amounts as necessary.

	For the years ended December 31, 2014, 2013 and 2012, changes in warranty liability were as follows:



			Years Ended December 31,
			2014				2013				2012
			(In thousands)
	Balance, beginning of the year		$	20,648			$	17,749			$	17,358
	Provision for warranties			14,363				11,188				8,958
	Warranty costs paid			(12,313	)			(8,289	)			(8,567	)

Balance, end of the year		$	22,698			$	20,648			$	17,749


Deferred Revenue/Gain

Deferred revenue/gain represents deferred revenues or gains on transactions in which an insufficient down payment was received or a future performance, passage of time or event is required. At December 31, 2014 and 2013, deferred revenue/gain primarily represents the PIC Transaction described below.

Completed operations claims were insured through PIC for policy years August 1, 2001 to July 31, 2007. In December 2009, PIC entered into a series of novation and reinsurance transactions (the “PIC Transaction”).

First, PIC entered into a novation agreement with JFSCI to novate its deductible reimbursement obligations related to its workers’ compensation and general liability risks at September 30, 2009 for policy years August 1, 2001 to July 31, 2007, and its completed operations risks from August 1, 2005 to July 31, 2007. Concurrently, JFSCI entered into insurance arrangements with third party insurance carriers to insure these policies. As a result of this novation, a $19.2 million gain was deferred and will be recognized as income when related claims are paid. In addition, the deferred gain may change based on changes in actuarial estimates. Changes to the deferred gain are recognized as current period income or expense. At December 31, 2014 and 2013, the unamortized deferred gain was $14.9 million and $18.9 million, respectively. For the years ended December 31, 2014, 2013 and 2012, we recognized $4.1 million, $1.4 million and $(4.7) million, respectively, of this deferral as income (expense), which was included in gain (loss) on reinsurance transaction, and includes both the impact of income recognized from claims paid and as income or expense from increases or decreases to the deferred gain from changes in actuarial estimates.

Second, PIC entered into reinsurance agreements with unrelated reinsurers that reinsured 100% of its expected completed operations risks from August 1, 2001 to July 31, 2005. As a result of the reinsurance, a $15.6 million gain was deferred and will be recognized as income when the related claims are paid. In addition, the deferred gain may change based on changes in actuarial estimates. Changes to the deferred gain are recognized as current period income or expense. At December 31, 2014 and 2013, the unamortized deferred gain was $4.7 million and $7.8 million, respectively. For the years ended December 31, 2014, 2013, and 2012, we recognized $3.1 million, $0.6 million and $(7.3) million, respectively, of this deferral as income (expense), which was included in gain (loss) on reinsurance transaction, and includes both the impact of income recognized from claims paid as well as income or expense from increases or decreases to the deferred gain from changes in actuarial adjustments.

As a result of the PIC Transaction, if the estimated ultimate loss to be paid under these policies exceeds the policy limits under the novation and reinsurance transactions, the shortfall is expected to be funded by JFSCI for the policies novated to JFSCI and by PIC for the policies it reinsured.



Distributions Payable

In December 2011, our consolidated joint venture, Vistancia, LLC, sold its remaining interest in an unconsolidated joint venture (the “Vistancia Sale”). As a result of the Vistancia Sale, no other assets of Vistancia, LLC economically benefit the former non-controlling member of Vistancia, LLC and we recorded the remaining $3.3 million distribution payable to this member, which is paid $0.1 million quarterly. At December 31, 2014 and 2013, the distribution payable was $2.2 million and $2.5 million, respectively.

Affiliate_Transactions

Affiliate Transactions	12 Months Ended
	Dec. 31, 2014
Affiliate Transactions	12. Affiliate Transactions

	Affiliate Receivables and Payables

	At December 31, 2014 and 2013, receivables from affiliates, net were as follows:



		December 31,
		2014			2013
		(In thousands)
	Note receivable from JFSCI	$	0		$	21,588
	Notes receivable from affiliates		15,303			18,822
	Reserves for notes receivable from affiliates		(12,917	)		(12,842	)
	Receivables from affiliates		4,017			3,745

	Total receivables from affiliates, net	$	6,403		$	31,313


	In May 2011, concurrent with issuance of the Secured Notes, the previous unsecured receivable from JFSCI was partially paid down and the balance converted to a $38.9 million unsecured term note receivable, bearing 4% interest, payable in equal quarterly installments and maturing May 15, 2019. During 2013, JFSCI elected to make prepayments, including accrued interest, of $3.8 million and in 2014, paid the balance in full.

	At December 31, 2014 and 2013, notes receivable from affiliates, including accrued interest, were $2.4 million and $6.0 million, respectively, net of related reserves of $12.9 million and $12.8 million, respectively. These notes are unsecured and mature from August 2016 through March 2019. At December 31, 2014, these notes bore interest ranging from Prime less 0.75% (2.5%) to 4.20%, and at December 31, 2013, from Prime less .75% (2.5%) to 4.25%. Quarterly, we evaluate collectability of these notes which includes consideration of prior payment history, operating performance and future payment requirements under the applicable notes. Based on these criteria, two notes receivable were deemed uncollectible in 2009 and fully reserved. We do not anticipate collection risks on the other notes receivable.

	The Company, entities under common control and certain unconsolidated joint ventures also engage in transactions on behalf of the other, such as payment of invoices and payroll. Amounts resulting from these transactions are recorded in receivables from affiliates or payables to affiliates, are non-interest bearing, due on demand and generally paid monthly. At December 31, 2014 and 2013, these receivables were $4.0 million and $3.7 million, respectively, and these payables were $4.8 million and $0.1 million, respectively.

	Real Property and Joint Venture Transactions

	Redemption or Purchase of Interest in Joint Venture

	In March 2012, our entire 58% interest in Shea Colorado, LLC (“SCLLC”), a consolidated joint venture with Shea Properties II, LLC, an affiliate and the non-controlling member, was redeemed by SCLLC. In valuing our 58% interest in SCLLC, and to ensure receipt of net assets of equal value to our ownership interest, we used third-party real estate appraisals. The estimated fair value of the assets received by us was $30.8 million. However, as the non-controlling member is an affiliate under common control, the assets and liabilities received by us were recorded at net book value and the difference in our investment in SCLLC and the net book value of the assets and liabilities received was recorded as a reduction to our equity.

	As consideration for the redemption, SCLLC distributed assets and liabilities to us having a net book value of $24.0 million, including $2.2 million of cash, a $3.0 million secured note receivable, $20.0 million of inventory and $1.2 million of other liabilities. As a result of this redemption, effective March 31, 2012, SCLLC is no longer included in these consolidated financial statements. This transaction resulted in a net reduction of $41.8 million in assets and $2.0 million in liabilities, and a $39.8 million reduction in total equity, of which $11.6 million was attributable to our equity and $28.2 million was attributable to non-controlling interests.



	Other Real Property and Joint Venture Transactions

	In January 2014, we entered into a purchase and sale agreement with an affiliate and acquired undeveloped land in Northern California. Consideration included $4.4 million of cash, assumption of a $1.3 million net liability, and future revenue participation payments (the “RAPA”), which is calculated at 11% of gross revenues from home deliveries, payable quarterly and limited to $19.6 million. The RAPA liability, based on a third-party real estate appraisal, is estimated to be $19.6 million, which is included in other liabilities (see Note 11). As the transaction is with an affiliate under common control, the $25.3 million of consideration to be paid in excess of book value was recorded as an equity distribution.

	In February 2014, we entered into a purchase and sale agreement to sell land in Southern California to an affiliate under common control for $1.0 million cash and assumption of certain construction obligations. The $0.9 million of net sales proceeds received in excess of the net book value of the land sold was recorded as an equity contribution.

	In June 2014, we entered into a purchase and sale agreement (“PSA”) to purchase land in Northern California from an unconsolidated joint venture in which we have a 33% ownership interest. We paid $2.7 million for 70 lots and acquired an option to purchase 262 lots in seven phases through 2019 for an estimated $18.5 million. The PSA also includes additional consideration based on future price and profit appreciation for each phase, payable after the last home delivery for that respective phase. In conjunction with the purchase of the 70 lots, we deferred $0.9 million of profit representing our proportionate share of the corresponding land sale profit from the joint venture and recorded it as a reduction of inventory.

	In October 2012, we sold land in Colorado to an affiliate for $4.6 million. As the affiliate is under common control, the $2.4 million of net sales proceeds received in excess of the net book value of the land sold was recorded as an equity contribution.

	At December 31, 2014 and 2013, we were the managing member for 13 and 10, respectively, unconsolidated joint ventures and received management fees from these joint ventures as reimbursement for direct and overhead costs incurred on behalf of the joint ventures. Fees representing cost reimbursement are recorded as an offset to general and administrative expense; fees in excess of costs are recorded as revenues. For the years ended December 31, 2014, 2013 and 2012, $11.4 million, $8.0 million and $4.3 million, respectively, of management fees were offset against general and administrative expenses; and $1.1 million, $0.5 million and $0.2 million, respectively, of management fees were included in revenues.

	Other Affiliate Transactions

	JFSCI provides corporate services, including management, legal, tax, information technology, risk management, facilities, accounting, treasury and human resources. For the years ended December 31, 2014, 2013 and 2012, general and administrative expenses included $23.3 million, $20.3 million and $18.1 million, respectively, for these corporate services.

	We obtain workers compensation insurance, commercial general liability insurance and insurance for completed operations losses and damages with respect to our homebuilding operations from affiliate and unrelated third-party insurance providers. Some of these policies are purchased by affiliate entities and we pay premiums to these affiliates for the coverage provided by these third party and affiliate insurance providers. Policies covering these risks from unrelated third party insurance providers are written at various coverage levels but include a large self-insured retention or deductible. We have retention liability insurance from affiliated entities to insure these large retentions or deductibles. For the years ended December 31, 2014, 2013 and 2012, amounts paid to affiliates for this retention insurance coverage were $21.3 million, $14.1 million and $13.1 million, respectively.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2014
Income Taxes	13. Income Taxes

	Income Tax Benefit (Expense)

	For the years ended December 31, 2014, 2013 and 2012, major components of the income tax benefit (expense), primarily for SHI, were as follows:




			Years Ended December 31,
			2014				2013			2012
			(In thousands)
	Current:
	Federal		$	(19,361	)		$	0		$	0
	State			(3,673	)			(1,766	)		(78	)

	Total current			(23,034	)			(1,766	)		(78	)
	Deferred:
	Federal			4,577				13,385			(532	)
	State			244				2,482			(6	)

	Total deferred			4,821				15,867			(538	)

	Total income tax benefit (expense)		$	(18,213	)		$	14,101		$	(616	)


	Reconciliation of Expected Income Tax Benefit (Expense)

	For the years ended December 31, 2014, 2013 and 2012, the effective tax rate differed from the 35% federal statutory rate due to the following:




			Years Ended December 31,
			2014				2013			2012
			(Dollars in thousands)
	Income before income taxes		$	151,612			$	111,838		$	29,800

	Income tax expense computed at statutory rate		$	(53,064	)		$	(39,143	)	$	(10,430	)
	Increase (decrease) resulting from:
	Non-taxable entities income (a)			35,893				25,275			7,134
	State taxes, net of federal income tax benefit			(2,603	)			(1,901	)		(1,045	)
	Small insurance company election (831b)			1,057				198			(2,583	)
	Section 199 deduction			1,313				875			0
	Change in valuation allowance for deferred tax assets			247				32,223			5,461
	Other, net			(1,056	)			(3,426	)		847

	Total income tax benefit (expense)		$	(18,213	)		$	14,101		$	(616	)

	Effective tax rate			12	%			(12.6	)%		2.1	%




	(a)	Non-taxable entities represent income or loss related to SHLP, non-controlling interests and consolidated limited partnerships and limited liability companies in which the taxable income or loss is reflected on the respective partners’ tax return.



	Deferred Income Taxes

	At December 31, 2014 and 2013, the tax effects of temporary differences that give rise to significant portions of deferred taxes for SHI were as follows:




		December 31,
		2014				2013
		(In thousands)
Deferred tax assets:
Housing and land inventory basis differences		$	14,214			$	8,746
Available loss carryforwards			4,961				7,696
Impairment of inventory and investments			482				782
Other			1,399				1,166

Total deferred tax assets			21,056				18,390
Deferred tax liabilities
Income recognition			(635	)			(1,544	)

Total deferred tax liabilities			(635	)			(1,544	)

Subtotal			20,421				16,846
Valuation allowance			(262	)			(509	)

Net deferred tax assets		$	20,159			$	16,337


Due to a change in ownership of Shea Homes Southwest, Inc., formerly known as Foundation Administration Services Corp., a wholly-owned subsidiary, in 2001, NOL carryforwards utilized in a given year to offset future taxable income are subject to an annual limitation of approximately $4.6 million pursuant to Section 382 of the U.S. Internal Revenue Code of 1986, as amended. As a result of this annual limitation, available NOL carryforwards have been reduced by the amount expected to expire. At December 31, 2014, SHI had NOL carryforwards of approximately $14.2 million, net, which expire by 2018 and are subject to annual limitations of $4.6 million.

Valuation Allowance

In accordance with ASC 740, deferred tax assets are evaluated to determine if valuation allowances are required. ASC 740 requires companies to assess valuation allowances based on evidence using a “more-likely-than-not” standard. A valuation allowance reflects the estimated amount of deferred tax assets that may not be realized due to inherent uncertainty of future income from homebuilding operations of SHI and potential expiration of net operating loss (the “NOL”) carryforwards. The deferred tax asset amount considered realizable may change in the future, depending on profitability.

Because of the continued annual pretax losses for SHI through the year ended December 31, 2009, the Company determined it was more-likely-than-not that at December 31, 2009, the net deferred tax assets of $51.9 million would not be realized. Accordingly, for the year ended December 31, 2009, the deferred tax asset valuation allowance increased $32.7 million to fully reserve the net deferred tax asset. At December 2011 and 2010, our assessment of deferred tax assets was consistent with 2009 and the net deferred tax asset of $38.2 million and $48.8 million, respectively, remained fully reserved. For the year ended December 31, 2012, SHI generated pretax income for the first time since 2007, a result of the beginning of a housing industry recovery. However, since we only returned to profitability in 2012 and the housing recovery was in its early stages, the $32.7 million net deferred tax assets at December 31, 2012 remained fully reserved.

At December 31, 2013, the Company determined it was more-likely-than-not most of the net deferred tax assets would be realized, which, during the 2013 fourth quarter, resulted in a $15.6 million reversal of the valuation allowance on its deferred tax assets. The Company evaluated positive and negative evidence, including financial performance, to determine its ability to realize its deferred tax assets. In its evaluation, the Company gave more weight to objective evidence, such as sales backlog, compared to subjective evidence, such as tax planning strategies. Also, significant weight was given to evidence directly related to the Company’s recent financial performance, such as customer traffic at its communities and cancellation rates, compared to indirect evidence, such as mortgage interest rates, or less recent evidence.

At December 31, 2013, in evaluating the valuation allowance, the Company gave more weight to its improving financial results in 2013, particularly growth in pre-tax income, gross margins and backlog sales value. The Company also estimated that if its pre-tax income continued, the NOLs would be realized before they expire in 2018. Additionally, the Company considered the subjective, direct positive evidence of improving market fundamentals and its plan to open new communities.



Prior to December 31, 2013, the Company gave substantial weight to its losses incurred during the housing downturn in addition to other negative, indirect evidence, such as weakness in the economy, consumer confidence and housing market and a more restrictive mortgage lending environment.

At December 31, 2014 and 2013, the valuation allowance related to capital losses that expire in 2016 and 2017, and the impairment of debt securities that mature in 2021 and 2022. It is unknown if these deferred tax assets will be realized.

Uncertain Tax Positions

Since 2002, SHLP and SHI used the completed contract method of accounting (“CCM”) to determine when to recognize taxable income or loss with respect to the majority of their respective homebuilding operations. Federal law allows homebuilders like SHLP and SHI to defer taxable income/loss recognition from their homebuilding operations until the tax year in which the contracts are substantially complete, rather than annually based on the percentage of completion method. The U.S. Internal Revenue Service (the “IRS”) objected to SHLP’s and SHI’s use of the CCM and assessed a tax deficiency against them, contending they did not accurately and appropriately apply the relevant U.S. Treasury Regulations in calculating their respective homebuilding projects’ income/loss pursuant to the CCM for years 2004 through 2008, and years 2003 through 2008, respectively. SHLP and SHI believe their use of the CCM complies with the relevant regulations and filed a petition in 2009 with the United States Tax Court (the “Tax Court”) to contest the notice of deficiency and to challenge the IRS position. On February 12, 2014, the Tax Court ruled in our favor, issuing a formal decision on April 21, 2014 (the “Tax Court Decision”). Pursuant to the ruling, we are permitted to continue to report income and loss from the delivery of homes using the CCM. As a result, no additional tax, interest or penalties are currently due and owing by the Partners or us. The IRS has appealed the Tax Court Decision to the U.S. Court of Appeals for the Ninth Circuit (the “Court of Appeals”). We and the IRS have each filed briefs and the IRS is entitled to file a reply brief, which is due to be filed no later than March 2015. The Court of Appeals will schedule oral argument after briefing is completed; we cannot predict when it will schedule the argument or issue its decision.

Notwithstanding the appeal by the IRS, we believe our position will more likely than not prevail and accordingly, have not recorded a liability for related taxes or interest for SHI. Furthermore, as a limited partnership, income taxes, interest or penalties imposed on SHLP are the Partners’ responsibility and are not reflected in the tax provision in these consolidated financial statements. However, if the Tax Court Decision is overturned in whole or in part, SHI could be obligated to pay the IRS and applicable state taxing authorities up to $74 million and, under the Tax Distribution Agreement, SHLP could be obligated to make a distribution to the Partners up to $134 million to fund their related payments to the IRS and applicable state taxing authorities. However, the Indenture provides the amount we may pay on behalf of SHI and distribute to the Partners for this matter may not exceed $70.0 million, unless we receive a cash equity contribution from JFSCI for such excess or unless we use some of our capacity under the Indenture to make restricted payments. Any potential shortfall would be absorbed by the Partners.

In 2014, we filed Form 3115 with the IRS to change our income tax accounting method of how we record certain expenses on our income tax returns, beginning in 2014. As we believe it is more likely-than-not the change will be approved by the IRS, we reflected this income tax accounting method in our 2014 income tax expense. If we are unsuccessful in our application to change our income tax accounting method, we could incur an income tax liability for prior years ranging up to $13.5 million, and the Partners could have a reduction in their income tax liability ranging up to $13.5 million.

Owners_Equity

Owners' Equity	12 Months Ended
Owners' Equity	Dec. 31, 2014
Owners' Equity	14. Owners’ Equity

	Owners’ equity consists of partners’ preferred and common capital. Common capital is comprised of limited partners with a collective 78.38% ownership and a general partner with a 20.62% ownership. Preferred capital is comprised of limited partners with either series B (“Series B”) or series D (“Series D”) classification. Series B holders have no ownership interest but earn a preferred return at Prime less 2.05% per annum through December 31, 2012 (1.2% at December 31, 2012) on unreturned preferred capital balances and Series D holders have a 1% ownership interest and earn a preferred return at 7% per annum through December 31, 2012 on unreturned preferred capital balances. In August 2013, the Agreement was amended and the rates on the Series B and Series D were changed, effective January 1, 2013. Series B earns a rate of 1.2% from January 1, 2013 to December 31, 2016; 2.25% from January 1, 2017 to December 31, 2020; and Prime less 2.05% from January 1, 2021 and thereafter on unreturned capital balances. Series D earns a rate of 2.0% from January 1, 2013 to December 31, 2016; 12.75% from January 1, 2017 to December 31, 2020; and 7.0% from January 1, 2021 and thereafter on unreturned capital balances. At December 31, 2014 and 2013, accumulated undistributed preferred returns for Series B holders were $24.6 million and $22.7 million, respectively. At December 31, 2014 and 2013, accumulated undistributed preferred returns for Series D holders were $60.4 million and $56.6 million, respectively.

	Net income is allocated to Partners in a priority order that considers previously allocated net losses and preferred return considerations and, thereafter, in proportion to their respective ownership interests. Net loss is allocated in a priority order to Partners generally in proportion to their ownership interests and adjusted capital account balances, and, thereafter, to the general partner.



	The general partner, in its sole discretion, may make additional capital contributions or accept additional capital contributions from the limited partners. Cash distributions are made to Partners in proportion to their unpaid preferred returns, unreturned capital and, thereafter, in proportion to their ownership interests. Distributions to Partners are made at the discretion of the general partner, including payment of personal income taxes related to the Company. In addition, distributions to Partners from other entities under control of Shea family members, such as JFSCI, can be used for payment of personal incomes taxes related to the Company and other uses.

Retirement_Savings_and_Deferre

Retirement Savings and Deferred Compensation Plans	12 Months Ended
Retirement Savings and Deferred Compensation Plans	Dec. 31, 2014
Retirement Savings and Deferred Compensation Plans	15. Retirement Savings and Deferred Compensation Plans
	401(k) Retirement Savings Plan
	JFSCI, on our behalf, maintains a 401(k) Retirement Savings Plan that includes a profit sharing component covering all eligible employees. The plan includes employer participation in accordance with provisions of Section 401(k) of the Internal Revenue Code. The plan allows participants to make pre-tax contributions. On a discretionary basis, we may match employee contributions up to a percentage of the employee’s salary as determined by the Company. The profit sharing portion of the plan is discretionary and non-contributory, allowing us to make additional contributions based on a percentage of the employee’s salary as determined by the Company. All amounts contributed to the plan are deposited into a trust fund administered by independent trustees. For the years ended December 31, 2014, 2013 and 2012, matching 401(k) contributions were $0.9 million, $0.5 million and $0.5 million, respectively, which represented 50 cents on each dollar, up to the first 6% of the employee’s base salary, subject to a cap, for a maximum of 3%, less forfeitures. For the year ended December 31, 2014 and 2013, profit sharing contributions were $1.1 million and $0.9 million, respectively, which represented 3% of the employee’s base salary, subject to a cap. For the year ended December 31, 2012, there were no profit sharing contributions.
	Deferred Compensation Plan
	JFSCI, on our behalf, maintains a non-qualified Deferred Compensation Plan. The plan allows participants to defer up to 80% of base salary, 80% of commissions and 100% of bonus in a deferred account. Deferred amounts may be invested in a variety of investment funds. On behalf of each participant, on a discretionary basis, we may contribute to a separate account comprised of investment funds that correspond to such participant’s deferred account. The plan is designed to comply with Section 409A of the Internal Revenue Code. Deferred amounts may be distributed to each participant upon a separation from service, death, disability, on a scheduled withdrawal date, or with committee approval in the event of unforeseen circumstances. For the years ended December 31, 2014, 2013 and 2012, we made no contributions under the plan.
	Shea Homes Appreciation Rights Plan
	On August 8, 2012, the Company adopted, effective January 1, 2012, the Shea Homes Appreciation Rights Plan (the “SHAR Plan”), an equity appreciation plan designed to provide employees and non-employee service providers a financial incentive to contribute to the Company’s long-term success. The SHAR Plan provides for the issuance of units representing the right to receive payment, generally at the time such units vest, based on the increase in book value, as defined, of SHLP’s equity between the time of the units Effective Date and when the units vest. The board of directors of J.F. Shea Construction Management, Inc., our ultimate general partner, administers the SHAR Plan and has the authority to make all determinations thereunder including participants, valuations, amount and timing of grants, vesting criteria, amount and timing of payments (including interim payments), modifications and termination.
	On August 8, 2012, the directors approved the SHAR Plan 2012 Grant (the “2012 Grant”), effective January 1, 2012 (the “2012 Effective Date”). Pursuant to the 2012 Grant, 1,021,947 units were issued at a stipulated base value of $10.00 per unit. The units issued pursuant to the 2012 Grant vest four years after the 2012 Effective Date. Subject to participant service eligibility requirements, appreciation in the value of the units during this period is payable to participants when such units vest. However, as a further incentive to participants, the directors concurrently approved annual interim payments of the 2012 Grant only, payable to participants in March 2013, 2014 and 2015. Upon vesting, for each eligible participant, interim payments will be offset against the full appreciation of these units and the resultant net amount payable to participant, if any, will be paid upon vesting, which occurs in March 2016.
	On August 6, 2013, the directors approved the SHAR Plan 2013 Grant (the “2013 Grant”), effective January 1, 2013 (the “2013 Effective Date”). Pursuant to the 2013 Grant, 463,388 units were issued at a stipulated base value of $10.60 per unit. The units issued pursuant to the 2013 Grant vest four years after the 2013 Effective Date. Subject to participant service eligibility requirements, appreciation in the value of the units during this period is payable to participants when such units vest, which occurs in March 2017.

	On June 3, 2014, the directors approved the SHAR Plan 2014 Grant (the “2014 Grant”), effective January 1, 2014 (the “2014 Effective Date”). Pursuant to the 2014 Grant, 381,909 units were issued at a stipulated base value of $14.79 per unit. The units issued pursuant to the 2014 Grant vest four years after the 2014 Effective Date. Subject to participant service eligibility requirements, appreciation in the value of the units during this period is payable to participants when such units vest, which occurs in March 2018.
	At December 31, 2014 and 2013, the Company accrued $6.5 million and $4.2 million, respectively, for this plan, which is included in other liabilities.

Contingencies_and_Commitments

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2014
Contingencies and Commitments	16. Contingencies and Commitments

	At December 31, 2014 and 2013, certain unrecorded contingent liabilities and commitments were as follows:




			December 31,
			2014		2013
			(In thousands)
	Tax Court CCM case (capped at $70.0 million, see Note 13)		$	70,000	$	70,000
	Remargin obligations and guarantees for unconsolidated joint venture loans (see Note 7)			34,199		28,684
	Costs to complete on surety bonds for Company projects			66,836		77,276
	Costs to complete on surety bonds for joint venture projects			22,694		22,845
	Costs to complete on surety bonds for affiliate projects			2,152		1,614
	Water system connection rights purchase obligation			27,352		30,506
	Lease payment obligations to third parties			4,612		4,539
	Lease payment obligations to affiliates			5,059		6,487

	Total unrecorded contingent liabilities and commitments		$	232,904	$	241,951


	Legal Claims

	Lawsuits, claims and proceedings have been and will likely be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices and environmental protection. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.

	We record a reserve for potential legal claims and regulatory matters when the specific facts and circumstances indicate they are probable of occurring and a potential loss is reasonably estimable. We revise these estimates when necessary. At December 31, 2014 and 2013, we had reserves of $15.7 million and $4.6 million, respectively, net of expected recoveries, relating to these claims and matters, and while their outcome cannot be predicted with certainty, we believe we have appropriately reserved for them. However, if the liability arising from their resolution exceeds their recorded reserves, we could incur additional charges that could be significant.

	Due to the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. If our evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, we will disclose their nature with an estimate of possible range of losses or a statement that such loss is not reasonably estimable. Other than the Tax Court Decision discussed in Note 13 and the matter discussed in the following paragraph, at December 31, 2014, the range of reasonably possible losses in excess of amounts accrued was not material.

	As previously disclosed, SHI was named as a defendant in an action entitled Aamodt v. Shea Homes, Inc., Case No. 14-cv-01566, filed in the U.S. District Court for the Western District of Washington. The case was filed on or around October 10, 2014. The plaintiffs in the matter purported to bring a claim seeking an undisclosed monetary recovery for alleged construction defects under Washington’s Consumer Protection Act originally involving approximately 589 homes, but subsequently amended their complaint to include approximately 964 homes and we have reached a tentative settlement of the case. While most of the settlement amount should be covered by insurance, one of our insurance carriers has denied coverage for the settlement and related matters. We are disputing this insurance carrier’s position.

	At December 31, 2014, we accrued $13.3 million in connection with the settlement and related matters. Because of the uncertainty caused by the dispute with the insurance carrier described above, there can be no assurance the ultimate outcome will not be significantly different than the recorded reserve. If, for example, the insurance carrier prevails, SHI could be obligated up to an additional $9.7 million for the settlement and related matters.



	Letters of Credit, Surety Bonds and Project Obligations

	On May 10, 2011, we entered into a $75.0 million letter of credit facility. At December 31, 2013, there were no letters of credit outstanding under this facility. In February 2014, this facility was replaced with the Revolver, which includes a $62.5 million sublimit for letters of credit. At December 31, 2014, there were no outstanding letters of credit under the Revolver.

	We provide surety bonds that guarantee completion of certain infrastructure serving our homebuilding projects. At December 31, 2014, there were $66.8 million of costs to complete in connection with $146.5 million of surety bonds issued. At December 31, 2013, there were $77.3 million of costs to complete in connection with $169.7 million of surety bonds issued.

	We also provide indemnification for bonds issued by certain unconsolidated joint ventures and other affiliate projects in which we have no ownership interest. At December 31, 2014, there were $22.7 million of costs to complete in connection with $63.2 million of surety bonds issued for unconsolidated joint venture projects, and $2.2 million of costs to complete in connection with $3.5 million of surety bonds issued for affiliate projects in which we have no ownership interest. At December 31, 2013, there were $22.8 million of costs to complete in connection with $63.7 million of surety bonds issued for unconsolidated joint venture projects, and $1.6 million of costs to complete in connection with $4.9 million of surety bonds issued for affiliate projects in which we have no ownership interest.

	Certain of our homebuilding projects utilize community facility district, metro-district and other local government bond financing programs to fund acquisition or construction of infrastructure improvements. Interest and principal on these bonds are typically paid from taxes and assessments levied on landowners, including land we own, and/or homeowners following the delivery of new homes in the community. Occasionally, we also enter into credit support arrangements requiring us to pay interest and principal on these bonds if taxes and assessments levied on landowners and/or homeowners are insufficient to cover such obligations. Furthermore, reimbursement of these payments to us is dependent on the district or local government’s ability to generate sufficient tax and assessment revenues from the new homes. At December 31, 2014 and 2013, in connection with credit support arrangements, there was $10.9 million and $8.6 million, respectively, reimbursable to us from certain agencies in Colorado and, accordingly, recorded in inventory as a recoverable project cost.

	We also pay certain fees and costs associated with the construction of infrastructure improvements in homebuilding projects that utilize these district bond financing programs. These fees and costs are typically reimbursable to us from, and therefore dependent on, bond proceeds or taxes and assessments levied on landowners and/or homeowners. At December 31, 2014 and 2013, in connection with certain funding arrangements, there was $14.0 million and $13.1 million, respectively, reimbursable to us from certain agencies, including $12.8 million and $11.9 million, respectively, from metro-districts in Colorado and, accordingly, were recorded in inventory as a recoverable project cost.

	Until bond proceeds or tax and assessment revenues are sufficient to cover our obligations and/or reimburse us, our responsibility to make interest and principal payments on these bonds or pay fees and costs associated with the construction of infrastructure improvements could be prolonged and significant. In addition, if the bond proceeds or tax and assessment revenues are not sufficient to cover our obligations and/or reimburse us, these amounts might not be recoverable.

	As a condition of the Vistancia Sale, and the purchase of the non-controlling member’s remaining interest in Vistancia, LLC, we remain a 10% guarantor on certain community facility district bond obligations, which require us to meet a minimum calculated tangible net worth; otherwise, we are required to fund collateral to the bond issuer. At December 31, 2014 and 2013, we exceeded the minimum tangible net worth requirement.

	At a consolidated homebuilding project in Colorado, we have a contractual obligation to purchase and receive water system connection rights which, at December 31, 2014 and 2013, was $27.4 million and $30.5 million, respectively, which is less than their estimated market value. These water system connection rights are held, then transferred to homebuyers upon delivery of their home, transferred upon sale of land to the respective buyer, sold or leased, but generally only within the local jurisdiction.

	Lease Payment Obligations

	We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options for terms up to an additional five years. In the normal course of business, we expect expired leases will be renewed or replaced. Equipment leases are typically for terms of three to four years.



	At December 31, 2014, future minimum rental payments under operating leases (excluding affiliate operating leases for office space – see below) having initial or remaining non-cancelable lease terms in excess of one year were as follows:




Payments Due By Year		December 31,
		(In thousands)
2015			982
2016			931
2017			802
2018			743
2019 and thereafter			1,154

Total		$	4,612


For the years ended December 31, 2014, 2013 and 2012, rental expense for third party operating leases was $1.7 million, $1.7 million and $1.4 million, respectively.

We also lease office space from affiliates under non-cancelable operating leases. The leases are for terms of up to ten years and generally provide renewal options for terms up to an additional five years.

At December 31, 2014, future minimal rental payments under affiliate operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows:




Payments Due By Year		December 31,
		(In thousands)
2015			1,311
2016			619
2017			366
2018			383
2019 and thereafter			2,380

Total		$	5,059


For the years ended December 31, 2014, 2013 and 2012, affiliate rental expense was $0.7 million, $0.4 million and $0.6 million, respectively.

Supplemental_Disclosure_to_Con

Supplemental Disclosure to Consolidated Statements of Cash Flows	12 Months Ended
	Dec. 31, 2014
Supplemental Disclosure to Consolidated Statements of Cash Flows	17. Supplemental Disclosure to Consolidated Statements of Cash Flows
	Supplemental disclosures to the consolidated statements of cash flows were as follows:


		Years Ended December 31,
		2014			2013			2012
		(In thousands)
	Supplemental disclosure of cash flow information
	Income taxes paid (refunded)	$	20,300		$	1,181		$	(3,891	)
	Interest paid, net of amounts capitalized	$	584		$	4,946		$	19,225
	Supplemental disclosure of noncash activities
	Unrealized gain (loss) on available-for-sale investments, net	$	318		$	271		$	(1,875	)
	Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities	$	45		$	(365	)	$	212
	Purchase of land in exchange for note payable	$	13,004		$	4,379		$	8,982
	Contribution of inventory to unconsolidated joint venture	$	9,468		$	4,082		$	0
	Deferred gain on inventory purchased from unconsolidated joint venture	$	901		$	0		$	0
	Distribution to Owners for assumption of liability and revenue participation payments for land purchased from an affiliate under common control	$	(20,891	)	$	0		$	0
	Elimination of consolidated joint venture inventory, receivables from affiliates and other assets	$	0		$	0		$	(41,600	)
	Elimination of consolidated joint venture note payable and other liabilities	$	0		$	0		$	(1,949	)
	Redemption of Company’s interest in consolidated joint venture and elimination of non-controlling interest, less cash retained by non-controlling interest	$	0		$	0		$	(39,651	)

Segment_Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2014
Segment Information	18. Segment Information
	Our homebuilding business, which is responsible for substantially all of our operating results, constructs and sells single-family attached and detached homes designed to appeal to first-time, move-up, luxury and active lifestyle homebuyers. Our homebuilding business also provides management services to joint ventures and other related and unrelated parties. We manage each homebuilding community as an operating segment and have aggregated these communities into reportable segments based on geography as follows:

		•		Southern California, comprised of communities in Los Angeles, Ventura and Orange Counties, and the Inland Empire;

		•		San Diego, comprised of communities in San Diego County, California;

		•		Northern California, comprised of communities in northern and central California, and the central coast of California;

		•		Mountain West, comprised of communities in Colorado and Washington;

		•		South West, comprised of communities in Arizona, Nevada and Texas; and

		•		East, comprised of communities in Florida, North Carolina and Virginia.
	In accordance with ASC 280, in determining the most appropriate aggregation of our homebuilding communities, we also considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply.
	Our Corporate segment primarily provides management services to our operating segments, and includes results of our captive insurance provider, which primarily administers claims reinsured by third party carriers and the deductibles and retentions under those third party policies. Results of our insurance brokerage services business are also included in our Corporate segment.
	The reportable segments follow the same accounting policies as our consolidated financial statements described in Note 2. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
	Financial information relating to reportable segments was as follows:


			December 31,
			2014			2013
			(In thousands)
	Total assets:
	Southern California		$	370,522		$	316,339
	San Diego			149,748			160,593
	Northern California			295,247			286,513
	Mountain West			355,936			316,459
	South West			192,359			155,416
	East			24,791			5,096

	Total homebuilding assets			1,388,603			1,240,416
	Corporate			278,107			264,917

	Total assets		$	1,666,710		$	1,505,333


			December 31,
			2014			2013
			(In thousands)
	Inventory:
	Southern California		$	305,770		$	239,986
	San Diego			128,241			142,395
	Northern California			259,997			249,111
	Mountain West			301,364			247,294
	South West			156,716			132,484
	East			21,497			2,002

	Total inventory		$	1,173,585		$	1,013,272



			Years Ended December 31,
			2014			2013			2012
			(In thousands)
	Revenues:
	Southern California		$	393,480		$	207,650		$	133,990
	San Diego			143,234			125,494			85,971
	Northern California			259,364			242,356			166,106
	Mountain West			175,665			186,899			147,784
	South West			168,282			160,744			138,161
	East			0			6,554			7,150

	Total homebuilding revenues			1,140,025			929,697			679,162
Corporate			581			913			985

Total revenues		$	1,140,606		$	930,610		$	680,147


		Years Ended December 31,
		2014			2013			2012
		(In thousands)
Income (loss) before income taxes:
Southern California		$	82,029		$	44,236		$	12,843
San Diego			22,288			7,717			2,493
Northern California			51,219			40,648			19,292
Mountain West			(4,982	)		9,463			156
South West			(1,498	)		8,356			(2,173	)
East			(3,032	)		(349	)		(202	)

Total homebuilding income before income taxes			146,024			110,071			32,409
Corporate			5,588			1,767			(2,609	)

Total income before income taxes		$	151,612		$	111,838		$	29,800


		Years Ended December 31,
		2014			2013			2012
		(In thousands)
Impairments:
Southern California		$	284		$	0		$	0
San Diego			0			0			0
Northern California			0			0			0
Mountain West			0			0			0
South West			8,751			0			0
East			0			0			0

Total impairments		$	9,035		$	0		$	0

Results_of_Quarterly_Operation

Results of Quarterly Operations	12 Months Ended
Results of Quarterly Operations	Dec. 31, 2014
Results of Quarterly Operations	19. Results of Quarterly Operations (Unaudited)


		First		Second		Third		Fourth		Total
		Quarter		Quarter		Quarter		Quarter		Total
	2014:00:00
	Revenues	$	180,115	$	256,083	$	284,489	$	419,919	$	1,140,606
	Gross margin	$	44,857	$	60,273	$	67,894	$	82,564	$	255,588
	Net income	$	11,295	$	28,703	$	33,731	$	59,670	$	133,399
	Net income attributable to SHLP	$	11,298	$	28,707	$	33,749	$	59,682	$	133,436
	2013:00:00
	Revenues	$	134,960	$	217,310	$	238,309	$	340,031	$	930,610
	Gross margin	$	31,536	$	48,426	$	55,848	$	85,388	$	221,198
	Net income	$	6,837	$	19,532	$	25,826	$	73,744	$	125,939
	Net income attributable to SHLP	$	6,838	$	19,534	$	25,824	$	73,751	$	125,947

Supplemental_Guarantor_Informa

Supplemental Guarantor Information	12 Months Ended
Supplemental Guarantor Information	Dec. 31, 2014
Supplemental Guarantor Information	20. Supplemental Guarantor Information
	The obligations under the Secured Notes are not guaranteed by any SHLP joint venture where SHLP Corp does not own 100% of the economic interest, including those that are consolidated, and the collateral securing the Secured Notes does not include a pledge of the capital stock of any subsidiary if such pledge would result in a requirement that SHLP Corp file separate financial statements with respect to such subsidiary pursuant to Rule 3-16 of Regulation S-X under the Securities Act.
	Pursuant to the Indenture, a guarantor may be released from its guarantee obligations only under certain customary circumstances specified in the Indenture, namely (1) upon the sale or other disposition (including by way of consolidation or merger) of such guarantor, (2) upon the sale or disposition of all or substantially all the assets of such guarantor, (3) upon the designation of such guarantor as an unrestricted subsidiary for covenant purposes in accordance with the terms of the Indenture, (4) upon a legal defeasance or covenant defeasance pursuant, or (5) upon the full satisfaction of our obligations under the Indenture.
	Presented herein are the condensed consolidated financial statements provided for in Rule 3-10(f) of Regulation S-X under the Securities Act for the guarantor subsidiaries and non-guarantor subsidiaries.
	Condensed Consolidating Balance Sheet
	December 31, 2014


			SHLP			Guarantor			Non-Guarantor			Eliminations				Total
			Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
			(In thousands)
	Assets
	Cash and cash equivalents		$	135,804		$	93,386		$	7,712		$	0			$	236,902
	Restricted cash			259			113			54			0				426
	Accounts and other receivables, net			120,135			27,193			16,616			(16,436	)			147,508
	Receivables from affiliates, net			6,369			14			20			0				6,403
	Inventory			993,507			178,859			4,353			(3,134	)			1,173,585
	Investments in and advances to unconsolidated joint ventures			25,343			1,619			15,802			0				42,764
	Investments in subsidiaries			786,462			81,447			86,721			(954,630	)			0
	Other assets, net			22,298			36,690			134			0				59,122
	Intercompany			0			572,036			0			(572,036	)			0

	Total assets		$	2,090,177		$	991,357		$	131,412		$	(1,546,236	)		$	1,666,710

	Liabilities and equity
	Liabilities:
	Notes payable		$	761,404		$	0		$	0		$	0			$	761,404
	Payables to affiliates			20			0			3			4,774				4,797
	Accounts payable			51,663			15,344			314			0				67,321
	Other liabilities			176,160			77,701			40,904			(16,435	)			278,330
	Intercompany			546,451			0			33,494			(579,945	)			0

	Total liabilities			1,535,698			93,045			74,715			(591,606	)			1,111,852
	Equity:
	SHLP equity:
	Owners’ equity			549,373			893,206			56,318			(949,524	)			549,373
	Accumulated other comprehensive income			5,106			5,106			0			(5,106	)			5,106

	Total SHLP equity			554,479			898,312			56,318			(954,630	)			554,479
	Non-controlling interests			0			0			379			0				379

	Total equity			554,479			898,312			56,697			(954,630	)			554,858

	Total liabilities and equity		$	2,090,177		$	991,357		$	131,412		$	(1,546,236	)		$	1,666,710


	(a)	Includes Shea Homes Funding Corp., whose financial position at December 31, 2014 was not material.

	Condensed Consolidating Balance Sheet
	December 31, 2013


			SHLP			Guarantor			Non-Guarantor			Eliminations				Total
			Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
			(In thousands)
	Assets
	Cash and cash equivalents		$	153,794		$	43,803		$	8,608		$	0			$	206,205
	Restricted cash			695			354			140			0				1,189
	Accounts and other receivables, net			120,299			26,754			28,696			(28,250	)			147,499
	Receivables from affiliates, net			9,251			21,761			25			276				31,313
	Inventory			749,832			263,213			3,361			(3,134	)			1,013,272
	Investments in and advances to unconsolidated joint ventures			22,068			1,357			25,360			0				48,785
	Investments in subsidiaries			748,326			69,755			90,484			(908,565	)			0
	Other assets, net			24,030			32,957			83			0				57,070
Intercompany			0			465,706			0			(465,706	)			0

Total assets		$	1,828,295		$	925,660		$	156,757		$	(1,405,379	)		$	1,505,333

Liabilities and equity
Liabilities:
Notes payable		$	751,708		$	0		$	0		$	0			$	751,708
Payables to affiliates			20			0			1			0				21
Accounts payable			36,594			25,334			418			0				62,346
Other liabilities			171,470			41,370			61,211			(28,250	)			245,801
Intercompany			423,447			0			45,117			(468,564	)			0

Total liabilities			1,383,239			66,704			106,747			(496,814	)			1,059,876
Equity:
SHLP equity:
Owners’ equity			440,268			854,168			49,609			(903,777	)			440,268
Accumulated other comprehensive income			4,788			4,788			0			(4,788	)			4,788

Total SHLP equity			445,056			858,956			49,609			(908,565	)			445,056
Non-controlling interests			0			0			401			0				401

Total equity			445,056			858,956			50,010			(908,565	)			445,457

Total liabilities and equity		$	1,828,295		$	925,660		$	156,757		$	(1,405,379	)		$	1,505,333


(a)	Includes Shea Homes Funding Corp., whose financial position at December 31, 2013 was not material.

Condensed Consolidating Statement of Operations and Comprehensive Income
Year Ended December 31, 2014


		SHLP			Guarantor			Non-Guarantor			Eliminations				Total
		Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
		(In thousands)
Revenues		$	680,109		$	444,229		$	16,268		$	0			$	1,140,606
Cost of sales			(545,442	)		(338,185	)		(1,391	)		0				(885,018	)

Gross margin			134,667			106,044			14,877			0				255,588
Selling expenses			(38,268	)		(17,899	)		(7,262	)		0				(63,429	)
General and administrative expenses			(37,444	)		(14,979	)		(2,498	)		0				(54,921	)
Equity in income (loss) from unconsolidated joint ventures			(4,000	)		119			13,023			0				9,142
Equity in income from subsidiaries			85,794			8,148			1,748			(95,690	)			0
Gain on reinsurance			0			0			7,177			0				7,177
Interest expense			(595	)		0			0			0				(595	)
Other income (expense), net			(6,709	)		5,502			(143	)		0				(1,350	)

Income before income taxes			133,445			86,935			26,922			(95,690	)			151,612
Income tax expense			(9	)		(18,183	)		(21	)		0				(18,213	)

Net income			133,436			68,752			26,901			(95,690	)			133,399
Less: Net loss attributable to non-controlling interests			0			0			37			0				37

Net income attributable to SHLP		$	133,436		$	68,752		$	26,938		$	(95,690	)		$	133,436

Comprehensive income		$	133,754		$	69,070		$	26,901		$	(96,008	)		$	133,717


(a)	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2014 was not material.
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2013


		SHLP			Guarantor			Non-Guarantor			Eliminations				Total
		Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
		(In thousands)
Revenues		$	505,510		$	404,393		$	20,707		$	0			$	930,610
Cost of sales			(406,563	)		(302,081	)		(1,502	)		734				(709,412	)

Gross margin			98,947			102,312			19,205			734				221,198
Selling expenses			(28,925	)		(18,847	)		(6,566	)		0				(54,338	)
General and administrative expenses			(34,936	)		(12,294	)		(2,850	)		0				(50,080	)
Equity in income (loss) from unconsolidated joint ventures			(2,020	)		(65	)		981			0				(1,104	)
Equity in income (loss) from subsidiaries			100,821			(1,443	)		(3,342	)		(96,036	)			0
Gain on reinsurance			0			0			2,011			0				2,011
Interest expense			(3,658	)		(1,413	)		0			0				(5,071	)
Other income (expense), net			(4,280	)		3,428			808			(734	)			(778	)

Income before income taxes			125,949			71,678			10,247			(96,036	)			111,838
Income tax benefit (expense)			(2	)		14,112			(9	)		0				14,101

Net income			125,947			85,790			10,238			(96,036	)			125,939
Less: Net loss attributable to non-controlling interests			0			0			8			0				8

Net income attributable to SHLP		$	125,947		$	85,790		$	10,246		$	(96,036	)		$	125,947

Comprehensive income		$	126,218		$	86,061		$	10,238		$	(96,307	)		$	126,210


(a)	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2013 was not material.

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2012


		SHLP			Guarantor			Non-Guarantor			Eliminations				Total
		Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
		(In thousands)
Revenues		$	470,756		$	200,329		$	9,062		$	0			$	680,147
Cost of sales			(372,576	)		(164,992	)		(1,343	)		477				(538,434	)

Gross margin			98,180			35,337			7,719			477				141,713
Selling expenses			(26,836	)		(13,531	)		(5,421	)		0				(45,788	)
General and administrative expenses			(30,560	)		(10,500	)		(2,687	)		0				(43,747	)
Equity in income (loss) from unconsolidated joint ventures			(338	)		(43	)		759			0				378
Equity in income (loss) from subsidiaries			11,334			(20,211	)		(4,556	)		13,433				0
Loss on reinsurance			0			0			(12,013	)		0				(12,013	)
Interest expense			(17,326	)		(2,532	)		(4	)		0				(19,862	)
Other income (expense), net			(5,411	)		12,905			2,102			(477	)			9,119

Income (loss) before income taxes			29,043			1,425			(14,101	)		13,433				29,800
Income tax expense			(5	)		(601	)		(10	)		0				(616	)

Net income (loss)			29,038			824			(14,111	)		13,433				29,184
Less: Net income attributable to non-controlling interests			0			0			(146	)		0				(146	)

Net income (loss) attributable to SHLP		$	29,038		$	824		$	(14,257	)	$	13,433			$	29,038

Comprehensive income (loss)		$	27,163		$	(1,051	)	$	(14,111	)	$	15,308			$	27,309


(b)	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2012 was not material.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014


		SHLP			Guarantor			Non-Guarantor			Eliminations				Total
		Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
		(In thousands)
Operating activities
Net cash provided by (used in) operating activities		$	(159,184	)	$	146,682		$	9,905		$	5,051			$	2,454

Investing activities
Collections on promissory notes from affiliates			3,595			21,588			0			0				25,183
Investments in and advances to unconsolidated joint ventures			(5,863	)		(299	)		(22,996	)		0				(29,158	)
Distributions from unconsolidated joint ventures			121			125			38,521			0				38,767
Proceeds from sale of marketable securities			0			184			0			0				184

Net cash provided by (used in) investing activities			(2,147	)		21,598			15,525			0				34,976

Financing activities
Principal payments to financial institutions and others			(3,308	)		0			0			0				(3,308	)
Distributions to owners			(4,385	)		0			0			0				(4,385	)
Intercompany			150,089			(118,697	)		(26,341	)		(5,051	)			0
Other financing activities			945			0			15			0				960

Net cash provided by (used in) financing activities			143,341			(118,697	)		(26,326	)		(5,051	)			(6,733	)

Net increase (decrease) in cash and cash equivalents			(17,990	)		49,583			(896	)		0				30,697
Cash and cash equivalents at beginning of year			153,794			43,803			8,608			0				206,205

Cash and cash equivalents at end of year		$	135,804		$	93,386		$	7,712		$	0			$	236,902


(a)	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2014 were not material.

Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013


		SHLP			Guarantor			Non-Guarantor			Eliminations				Total
		Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
		(In thousands)
Operating activities
Net cash provided by (used in) operating activities		$	(135,869	)	$	74,342		$	10,901		$	2,759			$	(47,867	)

Investing activities
Proceeds from sale of available-for-sale investments			0			3,165			0			0				3,165
Investments in and advances to unconsolidated joint ventures			(9,713	)		(275	)		(16,157	)		0				(26,145	)
Distributions from unconsolidated joint ventures			0			0			4,072			0				4,072
Collections on promissory notes from affiliates			1,192			2,912			0			0				4,104

Net cash provided by (used in) investing activities			(8,521	)		5,802			(12,085	)		0				(14,804	)

Financing activities
Principal payments to financial institutions and others			(10,880	)		0			0			0				(10,880	)
Intercompany			92,150			(85,236	)		(4,155	)		(2,759	)			0

Net cash provided by (used in) financing activities			81,270			(85,236	)		(4,155	)		(2,759	)			(10,880	)

Net decrease in cash and cash equivalents			(63,120	)		(5,092	)		(5,339	)		0				(73,551	)
Cash and cash equivalents at beginning of year			216,914			48,895			13,947			0				279,756

Cash and cash equivalents at end of year		$	153,794		$	43,803		$	8,608		$	0			$	206,205


(a)	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2012


		SHLP			Guarantor			Non-Guarantor			Eliminations				Total
		Corp (a)			Subsidiaries			Subsidiaries			Eliminations				Total
		(In thousands)
Operating activities
Net cash provided by (used in) operating activities		$	33,520		$	(64,012	)	$	25,506		$	(1,669	)		$	(6,655	)

Investing activities
Proceeds from sale of available-for-sale investments			0			26,547			0			0				26,547
Collections (advances) on promissory notes from affiliates			1,142			882			(143	)		0				1,881
Investments in and advances to unconsolidated joint ventures			(10,898	)		(229	)		(840	)		0				(11,967	)
Distributions from unconsolidated joint ventures			0			427			0			0				427

Net cash provided by (used in) investing activities			(9,756	)		27,627			(983	)		0				16,888

Financing activities
Principal payments to financial institutions and others			(2,230	)		0			(199	)		0				(2,429	)
Intercompany			35,517			(10,820	)		(26,366	)		1,669				0
Other financing activities			2,352			0			1,234			0				3,586

Net cash provided by (used in) financing activities			35,639			(10,820	)		(25,331	)		1,669				1,157

Net increase (decrease) in cash and cash equivalents			59,403			(47,205	)		(808	)		0				11,390
Cash and cash equivalents at beginning of year			157,511			96,100			14,755			0				268,366

Cash and cash equivalents at end of year		$	216,914		$	48,895		$	13,947		$	0			$	279,756


(a)	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2014
Basis of Presentation	Basis of Presentation
	The accompanying consolidated financial statements include SHLP and its wholly-owned subsidiaries, including Shea Homes, Inc. (“SHI”) and its wholly-owned subsidiaries. The Company consolidates all joint ventures in which it has a controlling interest or other ventures in which it is the primary beneficiary of a variable interest entity (“VIE”). Material intercompany accounts and transactions are eliminated.
	Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to SHLP, its subsidiaries and its consolidated joint ventures.
Use of Estimates	Use of Estimates
Use of Estimates	Preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Estimates primarily relate to valuation of certain real estate and reserves for self-insured risks. Actual results could differ significantly from those estimates.
Reclassifications	Reclassifications
Reclassifications	Certain reclassifications were made in the 2013 consolidated financial statements to conform to classifications in 2014. At December 31, 2013, in the consolidated balance sheet, advances to unconsolidated joint ventures of $1.0 million were reclassified from receivables from affiliates to investments in and advances to unconsolidated joint ventures. In addition, for the year ended December 31, 2013 and 2012, in the consolidated statements of cash flows, advances of $0.8 million were reclassified from promissory notes from affiliates to investments in and advances to unconsolidated joint ventures, and collections of $0.1 million were reclassified from promissory notes from affiliates to distributions of capital from unconsolidated joint ventures, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents
Cash and Cash Equivalents	All highly liquid investments (original maturities of 90 days or less) are considered to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk
	Financial instruments representing concentrations of credit risk are primarily cash, cash equivalents, investments and insurance receivables.

	Cash in banks exceeded the federally insured limits; cash equivalents comprised primarily of money market securities and securities backed by the U.S. government; and insurance receivables were with highly rated insurers and/or collateralized. We have incurred no losses on deposits of cash and cash equivalents and believe our depository institutions are financially sound and present minimal credit risk.
Inventory	Inventory
	We capitalize preacquisition, land, development and other allocated costs, including interest, during development and home construction. Applicable costs incurred after development or construction is substantially complete are charged to selling, general and administrative, and other expenses as appropriate. Preacquisition costs, including non-refundable land deposits, are expensed to other income (expense), net when we determine continuation of the respective project is not probable.
	Land, development and other indirect costs are typically allocated to inventory using a methodology that approximates the relative-sales-value method. Home construction costs are recorded using the specific identification method. Cost of sales for homes delivered includes the specific construction costs of each home and all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) based upon the total number of homes expected to be delivered in each community. Changes to estimated total development costs subsequent to initial home deliveries in a community are generally allocated on a relative-sales-value method to remaining homes in the community.
	Inventory is stated at cost, unless the carrying amount (other than land held for sale) is determined to be unrecoverable, in which case inventory is adjusted to fair value. For land held for sale, inventory is stated at the lower of cost or fair value less cost to sell. Quarterly, we review our real estate assets at each community for indicators of impairment. Real estate assets include projects actively selling, under development, held for future development or held for sale. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses.
	If there are indications of impairment, we analyze the budgets and cash flows of our real estate assets and compare the estimated remaining undiscounted future cash flows of the community to the asset’s carrying value. If the undiscounted cash flows exceed the asset’s carrying value, no impairment adjustment is required. If the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and adjusted to fair value. For land held for sale, if the fair value less costs to sell exceeds the asset’s carrying value, no impairment adjustment is required. These impairment evaluations require use of estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if estimated future undiscounted cash flows will be sufficient to recover the asset’s carrying value.
	When estimating undiscounted cash flows of a community, various assumptions are made, including: (i) the number of homes available and expected prices and incentives offered by us or other builders, and future price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs to date and expected to be incurred, including, but not limited to, land and land development, home construction, interest, indirect construction and overhead, and selling and marketing costs; (iv) alternative product offerings that could impact sales pace, sales price and/or building costs; and (v) alternative uses for the property.
	Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales rates have a direct impact on the estimated price of a home, the level of time sensitive costs (such as indirect construction, overhead and interest), and selling and marketing costs (such as model maintenance and advertising). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flows. For example, if our objective is to preserve operating margins, our cash flows will be different than if the objective is to increase sales. These objectives may vary significantly by community.
	If assets are considered impaired, the impairment charge is the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets or other valuation techniques. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when the assessment is made. These factors are specific to each community and may vary among communities. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. We generally use discount rates ranging from 10% to 25%, subject to perceived risks associated with the community’s cash flow streams relative to its inventory.
Completed Operations Claim Costs	Completed Operations Claim Costs
	We maintain, and require our subcontractors to maintain, general liability insurance which includes coverage for completed operations losses and damages. Most subcontractors carry this insurance through our “rolling wrap-up” insurance program, where our risks and risks of participating subcontractors are insured through a common set of master policies.
	Completed operations claims reserves primarily represent claims for property damage to completed homes and projects outside of our one- to two-year fit and finish warranty period. Specific length, terms and conditions of completed operations claims vary depending on the market where homes deliver and can range up to ten years from the delivery of a home.
	We record expenses and liabilities for estimated costs of potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported and is actuarially estimated using individual case-based valuations and statistical analysis. These estimates make up our entire reserve and are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, claims reporting and settlement patterns, third party recoveries, insurance industry practices, insurance regulations and legal precedent. Because state regulations vary, completed operations claims are reported and resolved over an extended period, sometimes exceeding ten years. As a result, actual costs may differ significantly from estimates.
	The actuarial analyses that determine these incurred but not reported claims consider various factors, including frequency and severity of losses, which are based on historical claims experience supplemented by industry data. The actuarial analyses of these claims and reserves also consider historical third party recovery rates and claims management expenses. Due to inherent uncertainties related to each of these factors, changes based on updated relevant information could result in actual costs differing significantly from estimates.
	In accordance with our completed operations insurance policies, completed operations claims costs are recoverable from our subcontractors or insurance carriers. For policy years from August 1, 2001 through the present, completed operations claims are insured or reinsured by third-party and affiliate insurance carriers.
Revenues	Revenues
Revenues	In accordance with Accounting Standards Codification (“ASC”) 360, revenues from housing and other real estate sales are recognized when the respective units deliver. Housing and other real estate sales deliver when all conditions of escrow are met, including delivery of the home or other real estate asset to the customer, title passage, appropriate consideration is received or collection of associated receivables, if any, is reasonably assured and when we have no other continuing involvement in the asset. Sales incentives are a reduction of revenues when the respective unit delivers.
Income Taxes	Income Taxes
	SHLP is treated as a partnership for income tax purposes. As a limited partnership, SHLP is subject to certain minimal state taxes and fees; however, taxes on income realized by SHLP are generally the obligation of the Partners and their owners.
	SHI and PIC are C corporations. Federal and state income taxes are provided for these entities in accordance with ASC 740. The provision for, or benefit from, income taxes is calculated using the asset and liability method, whereby deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect the year in which differences are expected to reverse.
	Deferred tax assets are evaluated to determine whether a valuation allowance should be established based on our determination if it is more likely than not some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends primarily on generation of future taxable income during periods in which those temporary differences become deductible. Assessment of a valuation allowance includes giving appropriate consideration to all positive and negative evidence related to realization of the deferred tax asset. This assessment considers, among other things, the nature, frequency and severity of current and cumulative losses in recent years, forecasts of future profitability, duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards before they expire, and tax planning alternatives. Judgment is required in determining future tax consequences of events that have been recognized in the consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial position or results of operations.

	We follow certain accounting guidance on how uncertain tax positions should be accounted for and disclosed in the consolidated financial statements. The guidance requires assessment of tax positions taken or expected to be taken in the tax returns and to determine whether the tax positions are “more-likely-than-not” of being sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not criteria would be recorded as a tax benefit or expense in the current year. We are required to assess open tax years, as defined by the statute of limitations, for all major jurisdictions, including federal and certain states. Open tax years are those that are open for examination by taxing authorities. We have examinations in progress but believe no uncertain tax positions exist that do not meet the more-likely-than-not criteria (see Note 13).
Advertising Costs	Advertising Costs
Advertising Costs	We expense advertising costs as incurred. For the years ended December 31, 2014, 2013 and 2012, we incurred and expensed advertising costs of $12.1 million, $7.4 million and $6.6 million, respectively.
New Accounting Pronouncements	New Accounting Pronouncements
	In April 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which is intended to change the criteria for reporting discontinued operations and enhance disclosures. Under this new guidance, only disposals representing a strategic shift in operations having a major effect on the entity’s operations and financial results should be presented as discontinued operations. If the disposal does qualify as a discontinued operation, the entity will be required to provide expanded disclosures, as well as disclosure of the pretax income attributable to the disposal of a significant part of an entity that does not qualify as a discontinued operation. ASU 2014-08 will be effective beginning January 1, 2015 and subsequent interim periods. The adoption of ASU 2014-08 is not expected to have a material effect on our consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides a single comprehensive model in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model requiring entities to exercise judgment when considering the terms of the contract(s) including (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 will be effective beginning January 1, 2017 and subsequent interim periods. We have the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. Early adoption is not permitted. We are evaluating the impact the adoption of ASU 2014-09 will have on our consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, (“ASU 2014-15”). ASU 2014-15 requires us to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about our ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. ASU 2014-15 will be effective beginning January 1, 2016 and subsequent interim periods. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements.

Fair_Value_Disclosures_Tables

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2014
Net Book Value and Estimated Fair Value of Notes Payable	At December 31, 2014 and 2013, as required by ASC 825, net book value and estimated fair value of notes payable were as follows:


		December 31, 2014				December 31, 2013
		Net Book		Estimated		Net Book		Estimated
		Value		Fair Value		Value		Fair Value
		(In thousands)
	$750,000 8.625% senior secured notes due May 2019	$	750,000	$	787,500	$	750,000	$	830,625
	Secured promissory notes	$	11,404	$	11,404	$	1,708	$	1,708

Accounts_and_Other_Receivables1

Accounts and Other Receivables, Net (Tables)	12 Months Ended
Accounts and Other Receivables, Net (Tables)	Dec. 31, 2014
Accounts and Other Receivables	At December 31, 2014 and 2013, accounts and other receivables, net were as follows:


		December 31,
		2014			2013
		(In thousands)
	Insurance receivables	$	136,155		$	138,610
	Escrow receivables		3,965			586
	Notes receivables		4,091			3,155
	Development receivables		1,317			3,093
	Other receivables		3,941			4,031
	Reserve		(1,961	)		(1,976	)

	Total accounts and other receivables, net	$	147,508		$	147,499

Inventory_Tables

Inventory (Tables)	12 Months Ended
Inventory (Tables)	Dec. 31, 2014
Summary of Inventory	At December 31, 2014 and 2013, inventory was as follows:


			December 31,
			2014			2013
			(In thousands)
	Model homes		$	86,340		$	87,728
	Completed homes for sale			32,350			20,285
	Homes under construction			310,318			257,662
	Lots available for construction			402,001			342,622
	Land under development			107,120			122,257
	Land held for future development			126,925			70,618
	Land held for sale			78,845			79,102
	Land deposits and preacquisition costs			29,686			32,998

	Total inventory		$	1,173,585		$	1,013,272

Inventory Impairment	For the years ended December 31, 2014, 2013 and 2012, inventory impairment charges were as follows:


			Years Ended December 31,
			2014			2013			2012
			(Dollars in thousands)
	Inventory impairment charge		$	9,035		$	0		$	0

	Remaining carrying value of inventory impaired at end of year		$	14,888		$	0		$	0

	Projects impaired			3			0			0

	Projects evaluated for impairment (a)			145			126			132


	(a)	Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly.
Interest Incurred, Expensed and Capitalized	For the years ended December 31, 2014, 2013 and 2012, interest incurred, capitalized and expensed was as follows:


			Years Ended December 31,
			2014			2013			2012
			(In thousands)
	Interest incurred		$	68,204		$	67,048		$	66,857

	Interest expensed (a)		$	595		$	5,071		$	19,862

	Interest capitalized as a cost of inventory		$	64,697		$	59,699		$	46,146

	Interest previously capitalized as a cost of inventory, included in cost of sales		$	(68,780	)	$	(60,448	)	$	(54,733	)

	Interest capitalized in ending inventory (b)		$	98,017		$	102,100		$	102,849

	Interest capitalized as a cost of investments in unconsolidated joint ventures		$	2,912		$	2,278		$	849

	Interest previously capitalized as a cost of investments in joint ventures, included in equity in income (loss) from unconsolidated joint ventures		$	(2,444	)	$	(1,189	)	$	(849	)

	Interest capitalized in ending investments in unconsolidated joint ventures		$	1,557		$	1,089		$	0


	(a)	For the eight months ended August 31, 2013 and for the year ended December 31, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2014, qualifying assets exceeded debt; therefore, no interest on the Secured Notes (see Note 10) was expensed. 2014 interest expense represents fees charged on the unused Revolver (see Note 10) that is not considered a cost of borrowing and is not capitalized.
	(b)	Inventory impairment charges were recorded against total inventory of the respective community. Capitalized interest reflects the gross amount of capitalized interest as impairment charges recognized were generally not allocated to specific components of inventory.

Investments_in_and_Advances_to1

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2014
Investment in and Advances to Unconsolidated Joint Ventures	At December 31, 2014 and 2013, investments in and advances to unconsolidated joint ventures were as follows:


			December 31,
			2014			2013
			(In thousands)
	Equity investments		$	34,037		$	47,748
	Loan advances			8,727			1,037

	Total investments in and advances to unconsolidated joint ventures		$	42,764		$	48,785

Condensed Financial Information of Investments in Unconsolidated Joint Venture	At December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, condensed financial information for our unconsolidated joint ventures was as follows:
	Condensed Balance Sheet Information


			December 31,
			2014			2013
			(In thousands)
	Assets
	Real estate inventory		$	253,422		$	267,460
	Other assets			83,674			130,840

	Total assets		$	337,096		$	398,300

	Liabilities and equity
	Notes payable		$	159,042		$	78,589
	Other liabilities			58,376			99,395

	Total liabilities			217,418			177,984
	Equity:
	The Company (a)			33,731			47,397
	Others			85,947			172,919

	Total equity			119,678			220,316

	Total liabilities and equity		$	337,096		$	398,300


	(a)	At December 31, 2014 and 2013, includes Deficit Distributions of $0.3 million and $0.4 million, respectively.
Condensed Financial Information of Investments in Unconsolidated Joint Venture	Condensed Income Statement Information


			Years Ended December 31,
			2014			2013			2012
			(In thousands)
	Revenues		$	288,623		$	90,743		$	46,586
	Expenses			(223,899	)		(85,594	)		(48,079	)

	Net income (loss)			64,724			5,149			(1,493	)

	The Company’s share of net income (loss)		$	9,142		$	(1,104	)	$	378

Equity Method Investments Summarized Notes Payable Information	At December 31, 2014 and 2013, total unconsolidated joint ventures’ notes payable consisted of the following:


			December 31,
			2014			2013
			(In thousands)
	Bank and seller notes payable:
	Guaranteed (subject to remargin obligations)		$	55,675		$	52,515
	Non-Guaranteed			34,824			10,073

	Total bank and seller notes payable (a)			90,499			62,588

	Partner notes payable (b) :
	Unsecured			68,543			16,001

	Total unconsolidated joint venture notes payable		$	159,042		$	78,589

	Other unconsolidated joint venture notes payable (c)		$	83,847		$	55,441


	(a)	All bank and seller notes were secured by real property.
	(b)	No guarantees were provided on partner notes payables. In January 2014, a $3.2 million partner note from one joint venture was paid in full.
	(c)	Through indirect effective ownership in two joint ventures of 12.3% and 0.0003%, respectively, that had bank notes payable secured by real property in which we have not provided a guaranty.

Other_Assets_Net_Tables

Other Assets, Net (Tables)	12 Months Ended
Other Assets, Net (Tables)	Dec. 31, 2014
Other Assets	At December 31, 2014 and 2013, other assets were as follows:


		December 31,
		2014		2013
		(In thousands)
	Income tax receivable	$	1,384	$	2,199
	Deferred tax asset (see Note 13)		20,159		16,337
	Investments		9,815		9,439
	Property and equipment, net		4,140		4,103
	Capitalized loan origination fees		9,730		11,089
	Deposits in lieu of bonds and letters of credit		8,653		10,294
	Prepaid insurance		2,589		2,460
	Other		2,652		1,149

	Total other assets, net	$	59,122	$	57,070

Notes_Payable_Tables

Notes Payable (Tables)	12 Months Ended
Notes Payable (Tables)	Dec. 31, 2014
Summary of Notes Payable	At December 31, 2014 and 2013, notes payable were as follows:


		December 31,
		2014		2013
		(In thousands)
	$750.0 million 8.625% senior secured notes, due May 2019	$	750,000	$	750,000
	$125.0 million secured revolving credit facility (the “Revolver”), interest currently at the applicable Eurocurrency rate plus 2.75%, matures March 1, 2016		0		0
	Promissory notes, interest ranging from 1% to 4%, maturing through 2016, secured by deeds of trust on inventory		11,404		1,708

	Total notes payable	$	761,404	$	751,708

Other_Liabilities_Tables

Other Liabilities (Tables)	12 Months Ended
Other Liabilities (Tables)	Dec. 31, 2014
Summary of Other Liabilities	At December 31, 2014 and 2013, other liabilities were as follows:


		December 31,
		2014			2013
		(In thousands)
	Completed operations reserves	$	136,155		$	138,610
	Warranty reserves		22,698			20,648
	Accrued profit and revenue participation arrangements (see Note 12)		23,815			678
	Deferred revenue/gain		22,769			29,358
	Provisions for delivered homes/communities		9,116			10,591
	Deposits (primarily homebuyer)		17,869			14,281
	Legal reserves		15,705			4,576
	Accrued interest		8,127			8,086
	Accrued compensation and benefits		12,534			9,389
	Distributions payable		2,169			2,531
	Deficit Distributions (see Note 7)		307			351
	Other		7,066			6,702

	Total other liabilities	$	278,330		$	245,801

Changes in Completed Operations Reserves	For the years ended December 31, 2014, 2013 and 2012, changes in completed operations reserves were as follows:


		Years Ended December 31,
		2014			2013			2012
		(In thousands)
	Insured completed operations
	Balance, beginning of the year	$	138,610		$	131,519		$	109,390
	Reserves provided		15,133			19,002			40,087
	Claims paid		(17,588	)		(11,911	)		(17,958	)

	Total completed operations reserves	$	136,155		$	138,610		$	131,519

Changes in Warranty Liabilities	For the years ended December 31, 2014, 2013 and 2012, changes in warranty liability were as follows:


		Years Ended December 31,
		2014			2013			2012
		(In thousands)
	Balance, beginning of the year	$	20,648		$	17,749		$	17,358
	Provision for warranties		14,363			11,188			8,958
	Warranty costs paid		(12,313	)		(8,289	)		(8,567	)

	Balance, end of the year	$	22,698		$	20,648		$	17,749

Affiliate_Transactions_Tables

Affiliate Transactions (Tables)	12 Months Ended
Affiliate Transactions (Tables)	Dec. 31, 2014
Receivables from Affiliates	At December 31, 2014 and 2013, receivables from affiliates, net were as follows:


		December 31,
		2014			2013
		(In thousands)
	Note receivable from JFSCI	$	0		$	21,588
	Notes receivable from affiliates		15,303			18,822
	Reserves for notes receivable from affiliates		(12,917	)		(12,842	)
	Receivables from affiliates		4,017			3,745

	Total receivables from affiliates, net	$	6,403		$	31,313

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2014
Components of Income Tax Benefit (Expense)	For the years ended December 31, 2014, 2013 and 2012, major components of the income tax benefit (expense), primarily for SHI, were as follows:


			Years Ended December 31,
			2014			2013			2012
			(In thousands)
	Current:
	Federal		$	(19,361	)	$	0		$	0
	State			(3,673	)		(1,766	)		(78	)

	Total current			(23,034	)		(1,766	)		(78	)
	Deferred:
	Federal			4,577			13,385			(532	)
	State			244			2,482			(6	)

	Total deferred			4,821			15,867			(538	)

	Total income tax benefit (expense)		$	(18,213	)	$	14,101		$	(616	)

Effective Tax Rate Differed from 35% Federal Statutory Rate	For the years ended December 31, 2014, 2013 and 2012, the effective tax rate differed from the 35% federal statutory rate due to the following:


			Years Ended December 31,
			2014			2013			2012
			(Dollars in thousands)
	Income before income taxes		$	151,612		$	111,838		$	29,800

	Income tax expense computed at statutory rate		$	(53,064	)	$	(39,143	)	$	(10,430	)
	Increase (decrease) resulting from:
	Non-taxable entities income (a)			35,893			25,275			7,134
	State taxes, net of federal income tax benefit			(2,603	)		(1,901	)		(1,045	)
	Small insurance company election (831b)			1,057			198			(2,583	)
	Section 199 deduction			1,313			875			0
	Change in valuation allowance for deferred tax assets			247			32,223			5,461
	Other, net			(1,056	)		(3,426	)		847

	Total income tax benefit (expense)		$	(18,213	)	$	14,101		$	(616	)

	Effective tax rate			12	%		(12.6	)%		2.1	%


	(a)	Non-taxable entities represent income or loss related to SHLP, non-controlling interests and consolidated limited partnerships and limited liability companies in which the taxable income or loss is reflected on the respective partners’ tax return.
Tax Effect of Temporary Differences Rise to Significant Portion of Deferred Taxes	At December 31, 2014 and 2013, the tax effects of temporary differences that give rise to significant portions of deferred taxes for SHI were as follows:


			December 31,
			2014			2013
			(In thousands)
	Deferred tax assets:
	Housing and land inventory basis differences		$	14,214		$	8,746
	Available loss carryforwards			4,961			7,696
	Impairment of inventory and investments			482			782
	Other			1,399			1,166

	Total deferred tax assets			21,056			18,390
	Deferred tax liabilities
	Income recognition			(635	)		(1,544	)

	Total deferred tax liabilities			(635	)		(1,544	)

	Subtotal			20,421			16,846
	Valuation allowance			(262	)		(509	)

	Net deferred tax assets		$	20,159		$	16,337

Contingencies_and_Commitments_

Contingencies and Commitments (Tables)	12 Months Ended
Contingencies and Commitments (Tables)	Dec. 31, 2014
Contingent Liabilities and Commitments	At December 31, 2014 and 2013, certain unrecorded contingent liabilities and commitments were as follows:


		December 31,
		2014		2013
		(In thousands)
	Tax Court CCM case (capped at $70.0 million, see Note 13)	$	70,000	$	70,000
	Remargin obligations and guarantees for unconsolidated joint venture loans (see Note 7)		34,199		28,684
	Costs to complete on surety bonds for Company projects		66,836		77,276
	Costs to complete on surety bonds for joint venture projects		22,694		22,845
	Costs to complete on surety bonds for affiliate projects		2,152		1,614
	Water system connection rights purchase obligation		27,352		30,506
	Lease payment obligations to third parties		4,612		4,539
	Lease payment obligations to affiliates		5,059		6,487

	Total unrecorded contingent liabilities and commitments	$	232,904	$	241,951

Future Minimum Rental Payments Under Operating Leases	At December 31, 2014, future minimal rental payments under affiliate operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows:


	Payments Due By Year	December 31,
		(In thousands)
	2015		1,311
	2016		619
	2017		366
	2018		383
	2019 and thereafter		2,380

	Total	$	5,059

Affiliates Operating Lease
Future Minimum Rental Payments Under Operating Leases	At December 31, 2014, future minimum rental payments under operating leases (excluding affiliate operating leases for office space – see below) having initial or remaining non-cancelable lease terms in excess of one year were as follows:


	Payments Due By Year	December 31,
		(In thousands)
	2015		982
	2016		931
	2017		802
	2018		743
	2019 and thereafter		1,154

	Total	$	4,612

Supplemental_Disclosure_to_Con1

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2014
Consolidated Statement of Cash Flow Supplemental Disclosure	Supplemental disclosures to the consolidated statements of cash flows were as follows:


		Years Ended December 31,
		2014			2013			2012
		(In thousands)
	Supplemental disclosure of cash flow information
	Income taxes paid (refunded)	$	20,300		$	1,181		$	(3,891	)
	Interest paid, net of amounts capitalized	$	584		$	4,946		$	19,225
	Supplemental disclosure of noncash activities
	Unrealized gain (loss) on available-for-sale investments, net	$	318		$	271		$	(1,875	)
	Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities	$	45		$	(365	)	$	212
	Purchase of land in exchange for note payable	$	13,004		$	4,379		$	8,982
	Contribution of inventory to unconsolidated joint venture	$	9,468		$	4,082		$	0
	Deferred gain on inventory purchased from unconsolidated joint venture	$	901		$	0		$	0
	Distribution to Owners for assumption of liability and revenue participation payments for land purchased from an affiliate under common control	$	(20,891	)	$	0		$	0
	Elimination of consolidated joint venture inventory, receivables from affiliates and other assets	$	0		$	0		$	(41,600	)
	Elimination of consolidated joint venture note payable and other liabilities	$	0		$	0		$	(1,949	)
	Redemption of Company’s interest in consolidated joint venture and elimination of non-controlling interest, less cash retained by non-controlling interest	$	0		$	0		$	(39,651	)

Segment_Information_Tables

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2014
Financial Information Related to Reportable Segments	Financial information relating to reportable segments was as follows:


			December 31,
			2014				2013
			(In thousands)
	Total assets:
	Southern California		$	370,522			$	316,339
	San Diego			149,748				160,593
	Northern California			295,247				286,513
	Mountain West			355,936				316,459
	South West			192,359				155,416
	East			24,791				5,096

	Total homebuilding assets			1,388,603				1,240,416
	Corporate			278,107				264,917

	Total assets		$	1,666,710			$	1,505,333


			December 31,
			2014				2013
			(In thousands)
	Inventory:
	Southern California		$	305,770			$	239,986
	San Diego			128,241				142,395
	Northern California			259,997				249,111
	Mountain West			301,364				247,294
	South West			156,716				132,484
	East			21,497				2,002

	Total inventory		$	1,173,585			$	1,013,272



			Years Ended December 31,
			2014				2013				2012
			(In thousands)
	Revenues:
	Southern California		$	393,480			$	207,650			$	133,990
	San Diego			143,234				125,494				85,971
	Northern California			259,364				242,356				166,106
	Mountain West			175,665				186,899				147,784
	South West			168,282				160,744				138,161
	East			0				6,554				7,150

	Total homebuilding revenues			1,140,025				929,697				679,162
	Corporate			581				913				985

	Total revenues		$	1,140,606			$	930,610			$	680,147


			Years Ended December 31,
			2014				2013				2012
			(In thousands)
	Income (loss) before income taxes:
	Southern California		$	82,029			$	44,236			$	12,843
	San Diego			22,288				7,717				2,493
	Northern California			51,219				40,648				19,292
	Mountain West			(4,982	)			9,463				156
	South West			(1,498	)			8,356				(2,173	)
	East			(3,032	)			(349	)			(202	)

	Total homebuilding income before income taxes			146,024				110,071				32,409
Corporate			5,588				1,767				(2,609	)

Total income before income taxes		$	151,612			$	111,838			$	29,800


		Years Ended December 31,
		2014				2013				2012
		(In thousands)
Impairments:
Southern California		$	284			$	0			$	0
San Diego			0				0				0
Northern California			0				0				0
Mountain West			0				0				0
South West			8,751				0				0
East			0				0				0

Total impairments		$	9,035			$	0			$	0

Results_of_Quarterly_Operation1

Results of Quarterly Operations (Tables)	12 Months Ended
Results of Quarterly Operations (Tables)	Dec. 31, 2014
Results of Quarterly Operations
		First		Second		Third		Fourth		Total
		Quarter		Quarter		Quarter		Quarter		Total
	2014:00:00
	Revenues	$	180,115	$	256,083	$	284,489	$	419,919	$	1,140,606
	Gross margin	$	44,857	$	60,273	$	67,894	$	82,564	$	255,588
	Net income	$	11,295	$	28,703	$	33,731	$	59,670	$	133,399
	Net income attributable to SHLP	$	11,298	$	28,707	$	33,749	$	59,682	$	133,436
	2013:00:00
	Revenues	$	134,960	$	217,310	$	238,309	$	340,031	$	930,610
	Gross margin	$	31,536	$	48,426	$	55,848	$	85,388	$	221,198
	Net income	$	6,837	$	19,532	$	25,826	$	73,744	$	125,939
	Net income attributable to SHLP	$	6,838	$	19,534	$	25,824	$	73,751	$	125,947

Supplemental_Guarantor_Informa1

Supplemental Guarantor Information (Tables)	12 Months Ended
Supplemental Guarantor Information (Tables)	Dec. 31, 2014
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet
	December 31, 2014


			SHLP				Guarantor				Non-Guarantor				Eliminations				Total
			Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
			(In thousands)
	Assets
	Cash and cash equivalents		$	135,804			$	93,386			$	7,712			$	0			$	236,902
	Restricted cash			259				113				54				0				426
	Accounts and other receivables, net			120,135				27,193				16,616				(16,436	)			147,508
	Receivables from affiliates, net			6,369				14				20				0				6,403
	Inventory			993,507				178,859				4,353				(3,134	)			1,173,585
	Investments in and advances to unconsolidated joint ventures			25,343				1,619				15,802				0				42,764
	Investments in subsidiaries			786,462				81,447				86,721				(954,630	)			0
	Other assets, net			22,298				36,690				134				0				59,122
	Intercompany			0				572,036				0				(572,036	)			0

	Total assets		$	2,090,177			$	991,357			$	131,412			$	(1,546,236	)		$	1,666,710

	Liabilities and equity
	Liabilities:
	Notes payable		$	761,404			$	0			$	0			$	0			$	761,404
	Payables to affiliates			20				0				3				4,774				4,797
	Accounts payable			51,663				15,344				314				0				67,321
	Other liabilities			176,160				77,701				40,904				(16,435	)			278,330
	Intercompany			546,451				0				33,494				(579,945	)			0

	Total liabilities			1,535,698				93,045				74,715				(591,606	)			1,111,852
	Equity:
	SHLP equity:
	Owners’ equity			549,373				893,206				56,318				(949,524	)			549,373
	Accumulated other comprehensive income			5,106				5,106				0				(5,106	)			5,106

	Total SHLP equity			554,479				898,312				56,318				(954,630	)			554,479
	Non-controlling interests			0				0				379				0				379

	Total equity			554,479				898,312				56,697				(954,630	)			554,858

	Total liabilities and equity		$	2,090,177			$	991,357			$	131,412			$	(1,546,236	)		$	1,666,710


	(a)	Includes Shea Homes Funding Corp., whose financial position at December 31, 2014 was not material.

	Condensed Consolidating Balance Sheet
	December 31, 2013


			SHLP				Guarantor				Non-Guarantor				Eliminations				Total
			Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
			(In thousands)
	Assets
	Cash and cash equivalents		$	153,794			$	43,803			$	8,608			$	0			$	206,205
	Restricted cash			695				354				140				0				1,189
	Accounts and other receivables, net			120,299				26,754				28,696				(28,250	)			147,499
	Receivables from affiliates, net			9,251				21,761				25				276				31,313
	Inventory			749,832				263,213				3,361				(3,134	)			1,013,272
	Investments in and advances to unconsolidated joint ventures			22,068				1,357				25,360				0				48,785
	Investments in subsidiaries			748,326				69,755				90,484				(908,565	)			0
	Other assets, net			24,030				32,957				83				0				57,070
	Intercompany			0				465,706				0				(465,706	)			0

	Total assets		$	1,828,295			$	925,660			$	156,757			$	(1,405,379	)		$	1,505,333

Liabilities and equity
Liabilities:
Notes payable		$	751,708			$	0			$	0			$	0			$	751,708
Payables to affiliates			20				0				1				0				21
Accounts payable			36,594				25,334				418				0				62,346
Other liabilities			171,470				41,370				61,211				(28,250	)			245,801
Intercompany			423,447				0				45,117				(468,564	)			0

Total liabilities			1,383,239				66,704				106,747				(496,814	)			1,059,876
Equity:
SHLP equity:
Owners’ equity			440,268				854,168				49,609				(903,777	)			440,268
Accumulated other comprehensive income			4,788				4,788				0				(4,788	)			4,788

Total SHLP equity			445,056				858,956				49,609				(908,565	)			445,056
Non-controlling interests			0				0				401				0				401

Total equity			445,056				858,956				50,010				(908,565	)			445,457

Total liabilities and equity		$	1,828,295			$	925,660			$	156,757			$	(1,405,379	)		$	1,505,333


(a)	Includes Shea Homes Funding Corp., whose financial position at December 31, 2013 was not material.
Condensed Consolidating Statement of Operations and Comprehensive income (Loss)	Condensed Consolidating Statement of Operations and Comprehensive Income
	Year Ended December 31, 2014


			SHLP				Guarantor				Non-Guarantor				Eliminations				Total
			Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
			(In thousands)
	Revenues		$	680,109			$	444,229			$	16,268			$	0			$	1,140,606
	Cost of sales			(545,442	)			(338,185	)			(1,391	)			0				(885,018	)

	Gross margin			134,667				106,044				14,877				0				255,588
	Selling expenses			(38,268	)			(17,899	)			(7,262	)			0				(63,429	)
	General and administrative expenses			(37,444	)			(14,979	)			(2,498	)			0				(54,921	)
	Equity in income (loss) from unconsolidated joint ventures			(4,000	)			119				13,023				0				9,142
	Equity in income from subsidiaries			85,794				8,148				1,748				(95,690	)			0
	Gain on reinsurance			0				0				7,177				0				7,177
	Interest expense			(595	)			0				0				0				(595	)
	Other income (expense), net			(6,709	)			5,502				(143	)			0				(1,350	)

	Income before income taxes			133,445				86,935				26,922				(95,690	)			151,612
	Income tax expense			(9	)			(18,183	)			(21	)			0				(18,213	)

	Net income			133,436				68,752				26,901				(95,690	)			133,399
	Less: Net loss attributable to non-controlling interests			0				0				37				0				37

	Net income attributable to SHLP		$	133,436			$	68,752			$	26,938			$	(95,690	)		$	133,436

	Comprehensive income		$	133,754			$	69,070			$	26,901			$	(96,008	)		$	133,717


	(a)	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2014 was not material.
	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
	Year Ended December 31, 2013


			SHLP				Guarantor				Non-Guarantor				Eliminations				Total
			Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
			(In thousands)
	Revenues		$	505,510			$	404,393			$	20,707			$	0			$	930,610
	Cost of sales			(406,563	)			(302,081	)			(1,502	)			734				(709,412	)

	Gross margin			98,947				102,312				19,205				734				221,198
	Selling expenses			(28,925	)			(18,847	)			(6,566	)			0				(54,338	)
	General and administrative expenses			(34,936	)			(12,294	)			(2,850	)			0				(50,080	)
	Equity in income (loss) from unconsolidated joint ventures			(2,020	)			(65	)			981				0				(1,104	)
	Equity in income (loss) from subsidiaries			100,821				(1,443	)			(3,342	)			(96,036	)			0
	Gain on reinsurance			0				0				2,011				0				2,011
	Interest expense			(3,658	)			(1,413	)			0				0				(5,071	)
	Other income (expense), net			(4,280	)			3,428				808				(734	)			(778	)

	Income before income taxes			125,949				71,678				10,247				(96,036	)			111,838
	Income tax benefit (expense)			(2	)			14,112				(9	)			0				14,101

	Net income			125,947				85,790				10,238				(96,036	)			125,939
	Less: Net loss attributable to non-controlling interests			0				0				8				0				8

	Net income attributable to SHLP		$	125,947			$	85,790			$	10,246			$	(96,036	)		$	125,947

	Comprehensive income		$	126,218			$	86,061			$	10,238			$	(96,307	)		$	126,210


	(a)	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2013 was not material.

	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2012


		SHLP				Guarantor				Non-Guarantor				Eliminations				Total
		Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
		(In thousands)
Revenues		$	470,756			$	200,329			$	9,062			$	0			$	680,147
Cost of sales			(372,576	)			(164,992	)			(1,343	)			477				(538,434	)

Gross margin			98,180				35,337				7,719				477				141,713
Selling expenses			(26,836	)			(13,531	)			(5,421	)			0				(45,788	)
General and administrative expenses			(30,560	)			(10,500	)			(2,687	)			0				(43,747	)
Equity in income (loss) from unconsolidated joint ventures			(338	)			(43	)			759				0				378
Equity in income (loss) from subsidiaries			11,334				(20,211	)			(4,556	)			13,433				0
Loss on reinsurance			0				0				(12,013	)			0				(12,013	)
Interest expense			(17,326	)			(2,532	)			(4	)			0				(19,862	)
Other income (expense), net			(5,411	)			12,905				2,102				(477	)			9,119

Income (loss) before income taxes			29,043				1,425				(14,101	)			13,433				29,800
Income tax expense			(5	)			(601	)			(10	)			0				(616	)

Net income (loss)			29,038				824				(14,111	)			13,433				29,184
Less: Net income attributable to non-controlling interests			0				0				(146	)			0				(146	)

Net income (loss) attributable to SHLP		$	29,038			$	824			$	(14,257	)		$	13,433			$	29,038

Comprehensive income (loss)		$	27,163			$	(1,051	)		$	(14,111	)		$	15,308			$	27,309


(b)	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2012 was not material.
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2014


			SHLP				Guarantor				Non-Guarantor				Eliminations				Total
			Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
			(In thousands)
	Operating activities
	Net cash provided by (used in) operating activities		$	(159,184	)		$	146,682			$	9,905			$	5,051			$	2,454

	Investing activities
	Collections on promissory notes from affiliates			3,595				21,588				0				0				25,183
	Investments in and advances to unconsolidated joint ventures			(5,863	)			(299	)			(22,996	)			0				(29,158	)
	Distributions from unconsolidated joint ventures			121				125				38,521				0				38,767
	Proceeds from sale of marketable securities			0				184				0				0				184

	Net cash provided by (used in) investing activities			(2,147	)			21,598				15,525				0				34,976

	Financing activities
	Principal payments to financial institutions and others			(3,308	)			0				0				0				(3,308	)
	Distributions to owners			(4,385	)			0				0				0				(4,385	)
	Intercompany			150,089				(118,697	)			(26,341	)			(5,051	)			0
	Other financing activities			945				0				15				0				960

	Net cash provided by (used in) financing activities			143,341				(118,697	)			(26,326	)			(5,051	)			(6,733	)

	Net increase (decrease) in cash and cash equivalents			(17,990	)			49,583				(896	)			0				30,697
	Cash and cash equivalents at beginning of year			153,794				43,803				8,608				0				206,205

	Cash and cash equivalents at end of year		$	135,804			$	93,386			$	7,712			$	0			$	236,902


	(a)	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2014 were not material.

	Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2013


			SHLP				Guarantor				Non-Guarantor				Eliminations				Total
			Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
			(In thousands)
	Operating activities
	Net cash provided by (used in) operating activities		$	(135,869	)		$	74,342			$	10,901			$	2,759			$	(47,867	)

	Investing activities
	Proceeds from sale of available-for-sale investments			0				3,165				0				0				3,165
	Investments in and advances to unconsolidated joint ventures			(9,713	)			(275	)			(16,157	)			0				(26,145	)
	Distributions from unconsolidated joint ventures			0				0				4,072				0				4,072
	Collections on promissory notes from affiliates			1,192				2,912				0				0				4,104

	Net cash provided by (used in) investing activities			(8,521	)			5,802				(12,085	)			0				(14,804	)

	Financing activities
	Principal payments to financial institutions and others			(10,880	)			0				0				0				(10,880	)
	Intercompany			92,150				(85,236	)			(4,155	)			(2,759	)			0

	Net cash provided by (used in) financing activities			81,270				(85,236	)			(4,155	)			(2,759	)			(10,880	)

	Net decrease in cash and cash equivalents			(63,120	)			(5,092	)			(5,339	)			0				(73,551	)
	Cash and cash equivalents at beginning of year			216,914				48,895				13,947				0				279,756

	Cash and cash equivalents at end of year		$	153,794			$	43,803			$	8,608			$	0			$	206,205


(a)	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2012


		SHLP				Guarantor				Non-Guarantor				Eliminations				Total
		Corp (a)				Subsidiaries				Subsidiaries				Eliminations				Total
		(In thousands)
Operating activities
Net cash provided by (used in) operating activities		$	33,520			$	(64,012	)		$	25,506			$	(1,669	)		$	(6,655	)

Investing activities
Proceeds from sale of available-for-sale investments			0				26,547				0				0				26,547
Collections (advances) on promissory notes from affiliates			1,142				882				(143	)			0				1,881
Investments in and advances to unconsolidated joint ventures			(10,898	)			(229	)			(840	)			0				(11,967	)
Distributions from unconsolidated joint ventures			0				427				0				0				427

Net cash provided by (used in) investing activities			(9,756	)			27,627				(983	)			0				16,888

Financing activities
Principal payments to financial institutions and others			(2,230	)			0				(199	)			0				(2,429	)
Intercompany			35,517				(10,820	)			(26,366	)			1,669				0
Other financing activities			2,352				0				1,234				0				3,586

Net cash provided by (used in) financing activities			35,639				(10,820	)			(25,331	)			1,669				1,157

Net increase (decrease) in cash and cash equivalents			59,403				(47,205	)			(808	)			0				11,390
Cash and cash equivalents at beginning of year			157,511				96,100				14,755				0				268,366

Cash and cash equivalents at end of year		$	216,914			$	48,895			$	13,947			$	0			$	279,756


(a)	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material.

Organization_Additional_Inform

Organization - Additional Information (Detail) (JFSCI)	Dec. 31, 2014
JFSCI
Schedule of Equity Method Investments [Line Items]
Ownership interest	96.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Advertising costs incurred	$12.10	$7.40	$6.60
Reclassification from Affiliates Receivables to Unconsolidated Joint Ventures
Significant Accounting Policies [Line Items]
Reclassification adjustment		1
Reclassification From Promissory Note Advances To Unconsolidated Joint Ventures
Significant Accounting Policies [Line Items]
Reclassification adjustment		0.8
Reclassification From Promissory Note Collections To Unconsolidated Joint Ventures
Significant Accounting Policies [Line Items]
Reclassification adjustment			$0.10
Maximum
Significant Accounting Policies [Line Items]
Maturity of cash and cash equivalents	90 days
Assets fair value discount rates	25.00%
Operations claims standard warranty period	2 years
Completed operations extended warranty period	10 years
Maximum \| Fair Value Adjustment to Inventory
Significant Accounting Policies [Line Items]
Assets fair value discount rates	25.00%
Minimum
Significant Accounting Policies [Line Items]
Assets fair value discount rates	10.00%
Operations claims standard warranty period	1 year
Minimum \| Fair Value Adjustment to Inventory
Significant Accounting Policies [Line Items]
Assets fair value discount rates	10.00%

Restricted_Cash_Additional_Inf

Restricted Cash - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$426	$1,189

Fair_Value_Disclosures_Additio

Fair Value Disclosures - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate	10.00%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate	25.00%
Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	8.63%	8.63%
Maturity date	15-May-19
Fair Value, Inputs, Level 2 \| Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Book Value	750,000,000	750,000,000
Interest rate	8.63%	8.63%
Maturity date	15-May-19
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-financial instruments, net book value	23,900,000
Non-financial instruments, fair value	14,900,000
Non-financial instruments, impairment charge	9,000,000

Net_Book_Values_and_Estimated_

Net Book Values and Estimated Fair Values of Notes Payable (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Book Value	$761,404	$751,708
Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Book Value	750,000	750,000
Estimated Fair Value	787,500	830,625
Secured Promissory Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Book Value	11,404	1,708
Estimated Fair Value	$11,404	$1,708

Net_Book_Values_and_Estimated_1

Net Book Values and Estimated Fair Values of Notes Payable (Parenthetical) (Detail) (Senior Secured Notes, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	8.63%	8.63%
Maturity period	2019-05	2019-05
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal amount	750,000	750,000
Interest rate	8.63%	8.63%
Maturity period	2019-05	2019-05

Accounts_and_Other_Receivables2

Accounts and Other Receivables (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accounts and Other Receivables [Line Items]
Insurance receivables	$136,155	$138,610
Escrow receivables	3,965	586
Notes receivables	4,091	3,155
Development receivables	1,317	3,093
Other receivables	3,941	4,031
Reserve	-1,961	-1,976
Total accounts and other receivables, net	$147,508	$147,499

Accounts_and_Other_Receivables3

Accounts and Other Receivables, Net - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accounts and Other Receivables [Line Items]
Insurance receivables	$136,155	$138,610
Affiliate insurance carriers
Accounts and Other Receivables [Line Items]
Insurance receivables	$61,400	$44,000

Inventory_Detail

Inventory (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Inventory [Line Items]
Homes under construction	$310,318	$257,662
Lots available for construction	402,001	342,622
Land under development	107,120	122,257
Land held for future development	126,925	70,618
Land held for sale	78,845	79,102
Land deposits and preacquisition costs	29,686	32,998
Total inventory	1,173,585	1,013,272
Model Homes
Inventory [Line Items]
Inventory finished homes	86,340	87,728
Completed Homes for Sale
Inventory [Line Items]
Inventory finished homes	$32,350	$20,285

Inventory_Additional_Informati

Inventory - Additional Information (Detail) (USD $)	12 Months Ended
Inventory - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Inventory Disclosure [Line Items]
Land held for sale	$78,845,000	$79,102,000
Write-offs of deposits and pre acquisition costs	1,300,000	1,400,000	2,000,000
Water System Connection Rights
Inventory Disclosure [Line Items]
Land held for sale	12,600,000	11,400,000
Model Homes
Inventory Disclosure [Line Items]
Amortized costs	$12,000,000	$10,300,000	$8,200,000

Inventory_Impairment_Detail

Inventory Impairment (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
	Project		Project		Project
Inventory Disclosure [Line Items]
Inventory impairment charge	$9,035		$0		$0
Remaining carrying value of inventory impaired at end of year	14,888		0		0
Projects impaired	3		0		0
Projects evaluated for impairment	$145	[1]	$126	[1]	$132	[1]

[1]	Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly.

Interest_Incurred_Expensed_and

Interest Incurred, Expensed and Capitalized (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Capitalized Interest [Line Items]
Interest incurred	$68,204		$67,048		$66,857
Interest expensed	595	[1]	5,071	[1]	19,862	[1]
Interest capitalized as a cost of inventory	64,697		59,699		46,146
Interest previously capitalized as a cost of inventory, included in cost of sales	-68,780		-60,448		-54,733
Interest capitalized in ending inventory	98,017	[2]	102,100	[2]	102,849	[2]
Interest capitalized as a cost of investments in unconsolidated joint ventures	2,912		2,278		849
Interest previously capitalized as a cost of investments in joint ventures, included in equity in income (loss) from unconsolidated joint ventures	-2,444		-1,189		-849
Interest capitalized in ending investments in unconsolidated joint ventures	$1,557		$1,089		$0

[1]	For the eight months ended August 31, 2013 and for the year ended December 31, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2014, qualifying assets exceeded debt; therefore, no interest on the Secured Notes (see Note 10) was expensed. 2014 interest expense represents fees charged on the unused Revolver (see Note 10) that is not considered a cost of borrowing and is not capitalized.
[2]	Inventory impairment charges were recorded against total inventory of the respective community. Capitalized interest reflects the gross amount of capitalized interest as impairment charges recognized were generally not allocated to specific components of inventory.

Interest_Incurred_Expensed_and1

Interest Incurred, Expensed and Capitalized (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Capitalized Interest [Line Items]
Interest charged on unused revolving credit facility	$0

Investments_in_Joint_Ventures_

Investments in Joint Ventures - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014
Investment [Line Items]
Deficit Distributions	351,000	$307,000
Maximum remargin obligation		70,000,000
Guaranty Liabilities	0	0
Loan advances	1,037,000	8,727,000
Aggregate capital contributions	48,785,000	42,764,000
Polo Estates Ventures, LLC
Investment [Line Items]
Notes payable outstanding	4,800,000	12,700,000
Line of credit facility, maximum borrowing capacity	21,600,000	21,600,000
RRWS,LLC
Investment [Line Items]
Notes payable outstanding	47,700,000	43,000,000
Maximum liability (cap)		35,000,000
Guarantee Provided \| Polo Estates Ventures, LLC
Investment [Line Items]
Maximum remargin obligation	4,800,000	12,700,000
Line of credit facility, maximum borrowing capacity	21,600,000	21,600,000
Guarantee Provided \| RRWS,LLC
Investment [Line Items]
Indemnification agreement from joint ventures, percentage		50.00%
Notes payable outstanding	47,700,000	43,000,000
Maximum remargin obligation	23,800,000	21,500,000
Unconsolidated Joint Ventures
Investment [Line Items]
Percentage of cumulative consolidated net income	50.00%
Unconsolidated Joint Ventures \| Revolving Basket
Investment [Line Items]
Borrowing available for joint venture investment	70,000,000
Unconsolidated Joint Ventures \| General Basket
Investment [Line Items]
Borrowing available for joint venture investment	10,000,000
Unconsolidated Joint Ventures \| Related Party Receivables and Payables
Investment [Line Items]
Loan advances	1,000,000	8,700,000
Notes receivable, maturity year		2021
Internal rate of returns		17.50%
Notes receivable, expected repaid year		Can be repaid prior to 2020
Unconsolidated Joint Ventures \| Related Party Receivables and Payables \| Loan advance can earn additional interest
Investment [Line Items]
Bearing interest from notes receivable		8.00%
Unconsolidated Joint Ventures \| Maximum
Investment [Line Items]
Ownership interest		50.00%
Unconsolidated Joint Ventures \| Maximum \| Related Party Receivables and Payables
Investment [Line Items]
Bearing interest from notes receivable		12.00%
Unconsolidated Joint Ventures \| Minimum
Investment [Line Items]
Consolidated fixed charge coverage ratio	200.00%
Unconsolidated Joint Ventures \| Minimum \| Related Party Receivables and Payables
Investment [Line Items]
Bearing interest from notes receivable		7.50%
Fourth Unconsolidated Joint Venture
Investment [Line Items]
Committed capital contribution in joint venture	45,000,000
Aggregate capital contributions	15,100,000

Investment_in_and_Advances_to_

Investment in and Advances to Unconsolidated Joint Ventures (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Equity investments	$34,037	$47,748
Loan advances	8,727	1,037
Total investments in and advances to unconsolidated joint ventures	$42,764	$48,785

Condensed_Financial_Informatio

Condensed Financial Information of Investments in Unconsolidated Joint Venture (Detail) (Unconsolidated Joint Ventures, USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Unconsolidated Joint Ventures
Assets
Real estate inventory	$253,422		$267,460
Other assets	83,674		130,840
Total assets	337,096		398,300
Liabilities and equity
Notes payable	159,042		78,589
Other liabilities	58,376		99,395
Total liabilities	217,418		177,984
Equity:
The Company	33,731	[1],[2]	47,397	[1],[2]
Others	85,947		172,919
Total equity	119,678		220,316
Total liabilities and equity	$337,096		$398,300

[1]	Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly.
[2]	At December 31, 2014 and 2013, includes Deficit Distributions of $0.3 million and $0.4 million, respectively.

Condensed_Income_Statement_of_

Condensed Income Statement of Joint Ventures (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
The Company's share of net income (loss)	$9,142	($1,104)	$378
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenues	288,623	90,743	46,586
Expenses	-223,899	-85,594	-48,079
Net income (loss)	64,724	5,149	-1,493
The Company's share of net income (loss)	$9,142	($1,104)	$378

Condensed_Financial_Informatio1

Condensed Financial Information of Investments in Unconsolidated Joint Venture (Parenthetical) (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Deficit Distributions	$307	$351

Total_Unconsolidated_Joint_Ven

Total Unconsolidated Joint Ventures' Note Payable (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Notes payable	$761,404		$751,708
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Joint venture debt	159,042		78,589
Unconsolidated Joint Ventures \| Bank and Seller Financing Notes Payable
Schedule of Equity Method Investments [Line Items]
Notes payable	90,499	[1]	62,588	[1]
Unconsolidated Joint Ventures \| Bank and Seller Financing Notes Payable \| Guarantee Provided
Schedule of Equity Method Investments [Line Items]
Notes payable	55,675		52,515
Unconsolidated Joint Ventures \| Bank and Seller Financing Notes Payable \| Non Guaranteed Obligations
Schedule of Equity Method Investments [Line Items]
Notes payable	34,824		10,073
Unconsolidated Joint Ventures \| Partner Notes Payable \| Unsecured Debt
Schedule of Equity Method Investments [Line Items]
Notes payable	68,543	[2]	16,001	[2]
Non-Direct Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Joint venture debt	$83,847	[3]	$55,441	[3]

[1]	All bank and seller notes were secured by real property.
[2]	No guarantees were provided on partner notes payables. In January 2014, a $3.2 million partner note from one joint venture was paid in full.
[3]	Through indirect effective ownership in two joint ventures of 12.3% and 0.0003%, respectively, that had bank notes payable secured by real property in which we have not provided a guaranty.

Total_Unconsolidated_Joint_Ven1

Total Unconsolidated Joint Ventures' Note Payable (Parenthetical) (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2014
Schedule of Equity Method Investments [Line Items]
Notes payable	$761,404	$751,708
Joint Venture One
Schedule of Equity Method Investments [Line Items]
Notes payable			$3,200
Indirect \| Joint Venture One
Schedule of Equity Method Investments [Line Items]
Ownership interest	12.30%
Indirect \| Joint Venture Two
Schedule of Equity Method Investments [Line Items]
Ownership interest	0.00%

Variable_Interest_Entities_Add

Variable Interest Entities - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Revolving Credit Facility
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Line of credit facility, amount outstanding	$0
RRWS,LLC
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Acquisition, development and construction loans, term	2 years
Acquisition, development and construction loans, extension option	1 year
Notes payable outstanding	43,000,000	47,700,000
Maximum liability (cap)	35,000,000
Maximum aggregate liability	We have a maximum aggregate liability under the remargin arrangements of the lesser of 50% of the outstanding balances in total for these joint venture loans or $35.0 million. Our and RRWS Partner's obligations under the remargin arrangements are limited during the first two years of the loans.
Maximum remargin obligation	21,500,000	23,800,000
Polo Estates Ventures, LLC
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Acquisition, development and construction loans, term	2 years
Acquisition, development and construction loans, extension option	1 year
Notes payable outstanding	12,700,000	4,800,000
Line of credit facility, maximum borrowing capacity	21,600,000	21,600,000
Vistancia West Holdings LP \| Revolving Credit Facility
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Acquisition, development and construction loans, term	3 years
Line of credit facility, maximum borrowing capacity	27,500,000
Line of credit facility, amount outstanding	3,800,000
Affiliated Entity \| RRWS,LLC
Variable Interest Entities and Non Variable Interest Entities [Line Items]
VIEs ownership interest	50.00%
Affiliated Entity \| Polo Estates Ventures, LLC
Variable Interest Entities and Non Variable Interest Entities [Line Items]
VIEs ownership interest	50.00%
Affiliated Entity \| Vistancia West Holdings LP
Variable Interest Entities and Non Variable Interest Entities [Line Items]
VIEs ownership interest	10.00%
Third Party \| RRWS,LLC
Variable Interest Entities and Non Variable Interest Entities [Line Items]
VIEs ownership interest	50.00%
Third Party \| Polo Estates Ventures, LLC
Variable Interest Entities and Non Variable Interest Entities [Line Items]
VIEs ownership interest	50.00%
Third Party \| Vistancia West Holdings LP
Variable Interest Entities and Non Variable Interest Entities [Line Items]
VIEs ownership interest	90.00%
Land Option Contracts
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Refundable and non-refundable cash deposits	21,200,000
Remaining purchase price of cash deposits	450,600,000
Land Option Contracts \| Loss Exposure
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Non-refundable deposits	24,800,000	6,900,000
Capitalized preacquisition costs	4,400,000	12,000,000
Unconsolidated Variable Interest Entities \| Land Option Contracts
Variable Interest Entities and Non Variable Interest Entities [Line Items]
Refundable and non-refundable cash deposits	4,200,000
Remaining purchase price of cash deposits	$60,600,000

Other_Assets_Detail

Other Assets (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Other Assets [Line Items]
Income tax receivable	$1,384	$2,199
Deferred tax asset	20,159	16,337
Investments	9,815	9,439
Property and equipment, net	4,140	4,103
Capitalized loan origination fees	9,730	11,089
Deposits in lieu of bonds and letters of credit	8,653	10,294
Prepaid insurance	2,589	2,460
Other	2,652	1,149
Total other assets, net	$59,122	$57,070

Other_Assets_Net_Additional_In

Other Assets, Net - Additional Information (Detail) (USD $)	12 Months Ended
Other Assets, Net - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Assets [Line Items]
Available for sale securities realized gains	$0	$100,000

Notes_Payable_Detail

Notes Payable (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Notes payable	$761,404	$751,708
Senior Secured Notes
Debt Instrument [Line Items]
Notes payable	750,000	750,000
Secured Revolving Credit Facility Matures March 1, 2016
Debt Instrument [Line Items]
Notes payable	0	0
Secured Promissory Notes
Debt Instrument [Line Items]
Notes payable	$11,404	$1,708

Notes_Payable_Parenthetical_De

Notes Payable (Parenthetical) (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	10-May-11
Senior Secured Notes
Debt Instrument [Line Items]
Principal amount	$750	$750	$750
Interest rate	8.63%	8.63%
Maturity date	2019-05	2019-05
Maturity date	15-May-19
Secured Revolving Credit Facility Matures March 1, 2016
Debt Instrument [Line Items]
Principal amount	$125	$125
Maturity date	1-Mar-16	1-Mar-16
Secured Revolving Credit Facility Matures March 1, 2016 \| Eurocurrency Rate
Debt Instrument [Line Items]
Spread on variable rate	2.75%	2.75%
Secured Promissory Notes
Debt Instrument [Line Items]
Maturity year	2016	2016
Minimum \| Secured Promissory Notes
Debt Instrument [Line Items]
Interest rate	1.00%	1.00%
Maximum \| Secured Promissory Notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%

Notes_Payable_Additional_Infor

Notes Payable - Additional Information (Detail) (USD $)	12 Months Ended	1 Months Ended
Notes Payable - Additional Information (Detail) (USD $)	Dec. 31, 2014	Feb. 28, 2014	Dec. 31, 2013	10-May-11
Debt Instrument [Line Items]
Accrued interest	$8,127,000		$8,086,000
Letters of credit, borrowing capacity				75,000,000
Senior Secured Notes
Debt Instrument [Line Items]
Maturity date	15-May-19
Accrued interest	8,100,000		8,100,000
Principal amount of debt issued	750,000,000		750,000,000	750,000,000
Senior Secured Notes \| Semi Annual Payment, First Payment
Debt Instrument [Line Items]
Interest payment date	15-May
Senior Secured Notes \| Semi Annual Payment, Second Payment
Debt Instrument [Line Items]
Interest payment date	15-Nov
Senior Secured Notes \| Redeem On Or After May 15, 2015
Debt Instrument [Line Items]
Note redemption price	$104.31
Senior Secured Notes \| Redeem On Or After May 15, 2016
Debt Instrument [Line Items]
Note redemption price	$102.16
Revolving Credit Facility
Debt Instrument [Line Items]
Maturity date		1-Mar-16
Letters of credit, borrowing capacity		75,000,000
Line of credit facility, interest rate description	The Revolver, which bears interest, at the Company's option, either at (i) a daily eurocurrency base rate as defined in the credit agreement governing the Revolver (the "Credit Agreement"), plus a margin of 2.75%, or (ii) a eurocurrency rate as defined in the Credit Agreement, plus a margin of 2.75%, and matures March 1, 2016.
Amortizing period of term loan		18 months
Line of credit facility, amount outstanding	$0
Revolving Credit Facility \| Eurocurrency Rate
Debt Instrument [Line Items]
Spread on variable rate		2.75%

Other_Liabilities_Detail

Other Liabilities (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Liabilities [Line Items]
Completed operations reserves	$136,155	$138,610
Warranty reserves	22,698	20,648	17,749	17,358
Accrued profit and revenue participation arrangements	23,815	678
Deferred revenue/gain	22,769	29,358
Provisions for delivered homes/communities	9,116	10,591
Deposits (primarily homebuyer)	17,869	14,281
Legal reserves	15,705	4,576
Accrued interest	8,127	8,086
Accrued compensation and benefits	12,534	9,389
Distributions payable	2,169	2,531
Deficit Distributions	307	351
Other	7,066	6,702
Total other liabilities	$278,330	$245,801

Other_Liabilities_Additional_I

Other Liabilities - Additional Information (Detail) (USD $)	12 Months Ended
Other Liabilities - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2009
Other Liabilities [Line Items]
Insurance receivables	$136,155,000	$138,610,000
Percentage of uncovered losses related to completed operations	12.50%
Gain (loss) on reinsurance transaction	7,177,000	2,011,000	-12,013,000
Distribution payable to non-controlling interest	2,169,000	2,531,000
Distributions payable			344,000
Vistancia, LLC
Other Liabilities [Line Items]
Distribution payable to non-controlling interest	2,200,000	2,500,000		3,300,000
Distributions payable				100,000
JFSCI
Other Liabilities [Line Items]
Deferred revenue on completed operation claims	14,900,000	18,900,000			19,200,000
Gain (loss) on reinsurance transaction	4,100,000	1,400,000	-4,700,000
PIC
Other Liabilities [Line Items]
Deferred revenue on completed operation claims	4,700,000	7,800,000			15,600,000
Gain (loss) on reinsurance transaction	$3,100,000	$600,000	($7,300,000)
Minimum
Other Liabilities [Line Items]
Operations claims standard warranty period	1 year
Maximum
Other Liabilities [Line Items]
Operations claims standard warranty period	2 years
Completed operations extended warranty period	10 years

Changes_in_Completed_Operation

Changes in Completed Operations Reserves (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Completed Operations [Line Items]
Balance, end of the year	$136,155	$138,610
Insured Operations
Completed Operations [Line Items]
Balance, beginning of the year	138,610	131,519	109,390
Reserves provided	15,133	19,002	40,087
Claims paid	-17,588	-11,911	-17,958
Balance, end of the year	$136,155	$138,610	$131,519

Changes_in_Warranty_Liabilitie

Changes in Warranty Liabilities (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Warranty Liability [Line Items]
Balance, beginning of the year	$20,648	$17,749	$17,358
Provision for warranties	14,363	11,188	8,958
Warranty costs paid	-12,313	-8,289	-8,567
Balance, end of the year	$22,698	$20,648	$17,749

Affiliate_Transactions_Detail

Affiliate Transactions (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Note receivable from JFSCI	$0	$21,588
Notes receivable from affiliates	15,303	18,822
Reserves for notes receivable from affiliates	-12,917	-12,842
Receivables from affiliates	4,017	3,745
Total receivables from affiliates, net	$6,403	$31,313

Affiliate_Transactions_Additio

Affiliate Transactions - Additional Information (Detail) (USD $)	12 Months Ended				1 Months Ended	6 Months Ended	1 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2014	Jun. 30, 2014	Feb. 28, 2014	Oct. 31, 2012	Mar. 31, 2012	31-May-11
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2014	Lot	Feb. 28, 2014	Oct. 31, 2012	Mar. 31, 2012	31-May-11
Related Party Transaction [Line Items]
Note receivables from affiliates	$15,303,000		$18,822,000
Reserves for notes receivable from other affiliates	12,917,000		12,842,000
Receivables from affiliates	4,017,000		3,745,000
Secured notes receivable	4,091,000		3,155,000
Other liabilities	278,330,000		245,801,000
Inventory	1,173,585,000		1,013,272,000
Charges to equity	25,276,000	[1]
Deferred gain on inventory purchased from unconsolidated joint venture	901,000		0	0
General and administrative expenses	54,921,000		50,080,000	43,747,000
Northern California
Related Party Transaction [Line Items]
Other liabilities					19,600,000
Inventory					4,400,000
Net liabilities assumed					1,300,000
Revenue participation payments, gross revenues from home closing percentage					11.00%
Charges to equity					25,300,000
Percentage of ownership interest						33.00%
Acquisition of land area						70
Land lots acquired						2,700,000
Description of additional lots to be acquired	Option to purchase 262 lots in seven phases through 2019,
Remaining purchase price of cash deposits						18,500,000
Deferred gain on inventory purchased from unconsolidated joint venture						901,000
Northern California \| Acquired an option to pay
Related Party Transaction [Line Items]
Acquisition of land area						262
Southern California
Related Party Transaction [Line Items]
Sale of land to affiliates							1,000,000
Net sales proceeds recorded as an equity contribution							900,000
Affiliates Receivables and Payables
Related Party Transaction [Line Items]
Payables to affiliates	4,800,000		100,000
Affiliates Receivables and Payables \| Other
Related Party Transaction [Line Items]
Note receivables from affiliates	2,400,000		6,000,000
Reserves for notes receivable from other affiliates	12,900,000		12,800,000
Notes receivable, maturity periods	August 2016 through March 2019
Accrued interest monthly based on Prime less	0.75%		0.75%
Affiliates Receivables and Payables \| Minimum
Related Party Transaction [Line Items]
Bearing interest from notes receivable	2.50%		2.50%
Affiliates Receivables and Payables \| Maximum
Related Party Transaction [Line Items]
Bearing interest from notes receivable	4.20%		4.25%
Non Interest Bearing
Related Party Transaction [Line Items]
Receivables from affiliates	4,000,000		3,700,000
General and Administrative Affiliates Transactions \| Other Real Property and Joint Venture Transactions
Related Party Transaction [Line Items]
General and administrative expenses	11,400,000		8,000,000	4,300,000
Management fees	1,100,000		500,000	200,000
Number of unconsolidated joint ventures	13		10
Affiliated Entity
Related Party Transaction [Line Items]
Amounts paid to affiliates for insurance coverage	21,300,000		14,100,000	13,100,000
Real Property and Joint Venture Transactions \| Other Real Property and Joint Venture Transactions
Related Party Transaction [Line Items]
Sale of land to affiliates								4,600,000
Net sales proceeds recorded as an equity contribution								2,400,000
Real Property and Joint Venture Transactions \| Redemption or Purchase of Interest in Joint Venture
Related Party Transaction [Line Items]
Reduction in equity									39,800,000
Reduction in equity of non-controlling interest									28,200,000
SHLP \| Real Property and Joint Venture Transactions \| Redemption or Purchase of Interest in Joint Venture
Related Party Transaction [Line Items]
Ownership interest									58.00%
Estimated fair value assets received									30,800,000
Distributed assets and liabilities									24,000,000
Cash from distribution									2,200,000
Secured notes receivable									3,000,000
Inventory									20,000,000
Other liabilities									1,200,000
Reduction in equity									11,600,000
SCLLC \| Real Property and Joint Venture Transactions \| Redemption or Purchase of Interest in Joint Venture
Related Party Transaction [Line Items]
Reduction in assets									41,800,000
Reduction in liabilities									2,000,000
JFSCI
Related Party Transaction [Line Items]
Ownership interest	96.00%
JFSCI \| Affiliates Receivables and Payables
Related Party Transaction [Line Items]
Convertible notes receivable										38,900,000
Bearing interest from notes receivable										4.00%
Receivable maturity date										15-May-19
Prepayment on notes			3,800,000
JFSCI \| General and Administrative Affiliates Transactions
Related Party Transaction [Line Items]
General and administrative expenses	$23,300,000		$20,300,000	$18,100,000

[1]	In 2014, the Company acquired property from an affiliate under common control for $4.4 million of cash, assumption of a $1.3 million net liability, and estimated future revenue participation payments of $19.6 million. The $25.3 million of consideration was recorded as a distribution to owners.

Components_of_Income_Tax_Benef

Components of Income Tax Benefit (Expense) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal	($19,361)	$0	$0
State	-3,673	-1,766	-78
Total current	-23,034	-1,766	-78
Deferred:
Federal	4,577	13,385	-532
State	244	2,482	-6
Total deferred	4,821	15,867	-538
Total income tax benefit (expense)	($18,213)	$14,101	($616)

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2001
Income Taxes [Line Items]
Federal statutory rate	35.00%	35.00%	35.00%
Net operating loss carryforward	$4,961,000	$7,696,000
Deferred tax asset, net	20,159,000	16,337,000
Deferred tax asset change in valuation allowance charged to income statement	0	15,630,000	0
Initial Maximum CCM Payment	70,000,000
Maximum
Income Taxes [Line Items]
Amount company could be obligated to pay	13,500,000
Reduction in the income tax liabilities	-13,500,000
SHI
Income Taxes [Line Items]
Net operating loss carryforward	14,200,000
Net operating loss carryforward expiration year	2018
Net operating loss carryforward annual limitation	4,600,000						4,600,000
Deferred tax asset, net			32,700,000	51,900,000	38,200,000	48,800,000
Deferred tax asset change in valuation allowance charged to income statement		15,600,000		32,700,000
SHI \| Maximum
Income Taxes [Line Items]
Amount company could be obligated to pay				74,000,000
SHLP \| Maximum
Income Taxes [Line Items]
Amount company could be obligated to pay				$134,000,000

Effective_Tax_Rate_Differed_fr

Effective Tax Rate Differed from 35% Federal Statutory Rate (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Reconciliation of Statutory Federal Tax Rate [Line Items]
Income before income taxes	$151,612		$111,838		$29,800
Income tax expense computed at statutory rate	-53,064		-39,143		-10,430
Non-taxable entities income	35,893	[1]	25,275	[1]	7,134	[1]
State taxes, net of federal income tax benefit	-2,603		-1,901		-1,045
Small insurance company election (831b)	1,057		198		-2,583
Section 199 deduction	1,313		875		0
Change in valuation allowance for deferred tax assets	247		32,223		5,461
Other, net	-1,056		-3,426		847
Total income tax benefit (expense)	($18,213)		$14,101		($616)
Effective tax rate	12.00%		-12.60%		2.10%

[1]	Non-taxable entities represent income or loss related to SHLP, non-controlling interests and consolidated limited partnerships and limited liability companies in which the taxable income or loss is reflected on the respective partners' tax return.

Tax_Effects_of_Temporary_Diffe

Tax Effects of Temporary Differences Rise to Significant Portion of Deferred Taxes (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Housing and land inventory basis differences	$14,214	$8,746
Available loss carryforwards	4,961	7,696
Impairment of inventory and investments	482	782
Other	1,399	1,166
Total deferred tax assets	21,056	18,390
Deferred tax liabilities
Income recognition	-635	-1,544
Total deferred tax liabilities	-635	-1,544
Subtotal	20,421	16,846
Valuation allowance	-262	-509
Net deferred tax assets	$20,159	$16,337

Owners_Equity_Additional_Infor

Owners' Equity - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 06, 2013
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 06, 2013
Series B Preferred Stock
Stockholders Equity Note [Line Items]
Interest rate determination			2.05%
Preferred return percentage earned on unreturned preferred capital			1.20%
Accumulated undistributed preferred returns	$24.60	$22.70
Series B Preferred Stock \| January 1, 2013 to December 31, 2016
Stockholders Equity Note [Line Items]
Preferred return percentage earned on unreturned preferred capital				1.20%
Series B Preferred Stock \| January 1, 2017 to December 31, 2020
Stockholders Equity Note [Line Items]
Preferred return percentage earned on unreturned preferred capital				2.25%
Series B Preferred Stock \| January 1, 2021 and thereafter
Stockholders Equity Note [Line Items]
Interest rate determination				2.05%
Series D Preferred Stock
Stockholders Equity Note [Line Items]
Ownership interest			1.00%
Preferred return percentage earned on unreturned preferred capital			7.00%
Accumulated undistributed preferred returns	$60.40	$56.60
Series D Preferred Stock \| January 1, 2013 to December 31, 2016
Stockholders Equity Note [Line Items]
Preferred return percentage earned on unreturned preferred capital				2.00%
Series D Preferred Stock \| January 1, 2017 to December 31, 2020
Stockholders Equity Note [Line Items]
Preferred return percentage earned on unreturned preferred capital				12.75%
Series D Preferred Stock \| January 1, 2021 and thereafter
Stockholders Equity Note [Line Items]
Preferred return percentage earned on unreturned preferred capital				7.00%
Limited Partner
Stockholders Equity Note [Line Items]
Ownership interest	78.38%
General Partner
Stockholders Equity Note [Line Items]
Ownership interest	20.62%

Recovered_Sheet1

Retirement Savings And Deferred Compensation Plans - Additional Information (Detail) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 03, 2014
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Percentage of deferred based salary	80.00%
Percentage of sales commission	80.00%
Percentage of deferred bonus	100.00%
Deferred Compensation Arrangement Employer Contribution	$0	$0	$0
Accrued Expenses	6,500,000	4,200,000
401 (K)
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Percentage of additional contribution based on employee salary	3.00%
Defined contribution plan employer matching contribution	900,000	500,000	500,000
Contributions to profit sharing retirement plan	$1,100,000	$900,000	$0
Percentage of employer profit sharing contribution based on employee salary	3.00%
Description of matching 401(k) contributions	50 cents on each dollar
401 (K) \| Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Percentage of employer contribution based on employee salary	6.00%
2012 Grant
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Grant provides for issuance	1,021,947
Deferred restricted common unit price per unit	$10
Grant vesting period	4 years
Grant vesting date	2016-03
2013 Grant
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Grant provides for issuance	463,388
Deferred restricted common unit price per unit	$10.60
Grant vesting period	4 years
Grant vesting date	2017-03
2014 Grant
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Grant provides for issuance				381,909
Deferred restricted common unit price per unit				$14.79
Grant vesting period				4 years
Grant vesting date				2018-03

Contingent_Liabilities_And_Com

Contingent Liabilities And Commitments (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Commitment And Contingencies [Line Items]
Water system connection rights purchase obligation	$27,352	$30,506
Total unrecorded contingent liabilities and commitments	232,904	241,951
Partner Notes Payable
Commitment And Contingencies [Line Items]
Guarantee obligations	34,199	28,684
Unconsolidated Joint Ventures
Commitment And Contingencies [Line Items]
Exposure of surety bonds in connection with development of projects	22,700	22,800
Third Parties
Commitment And Contingencies [Line Items]
Lease payment obligations	4,612	4,539
Affiliates
Commitment And Contingencies [Line Items]
Lease payment obligations	5,059	6,487
Tax Court Member
Commitment And Contingencies [Line Items]
Guarantee obligations	70,000	70,000
Surety Bonds \| Company
Commitment And Contingencies [Line Items]
Exposure of surety bonds in connection with development of projects	66,836	77,276
Surety Bonds \| Unconsolidated Joint Ventures
Commitment And Contingencies [Line Items]
Exposure of surety bonds in connection with development of projects	22,694	22,845
Surety Bonds \| Affiliated Entity
Commitment And Contingencies [Line Items]
Exposure of surety bonds in connection with development of projects	$2,152	$1,614

Contingent_Liabilities_And_Com1

Contingent Liabilities And Commitments (Parenthetical) (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Commitment And Contingencies [Line Items]
Guarantee obligations maximum exposure	$70
Tax Court Member
Commitment And Contingencies [Line Items]
Guarantee obligations maximum exposure	$70	$70

Contingencies_and_Commitments_1

Contingencies and Commitments - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	10-May-11	Feb. 28, 2014
Commitments and Contingencies Disclosure [Line Items]
Legal reserves	$15,705,000	$4,576,000
Letters of credit, borrowing capacity				75,000,000
Water system connection rights purchase obligation	27,352,000	30,506,000
Rental expense	1,700,000	1,700,000	1,400,000
Affiliates Operating Lease
Commitments and Contingencies Disclosure [Line Items]
Rental expense	700,000	400,000	600,000
Office Leases
Commitments and Contingencies Disclosure [Line Items]
Office leases, renewal option term	5 years
Office Leases \| Affiliates Operating Lease
Commitments and Contingencies Disclosure [Line Items]
Office leases, renewal option term	5 years
Colorado
Commitments and Contingencies Disclosure [Line Items]
Water system connection rights purchase obligation	27,400,000	30,500,000
Related Parties
Commitments and Contingencies Disclosure [Line Items]
Exposure of surety bonds in connection with development of projects	2,200,000	1,600,000
Bonds issued for development of projects	3,500,000	4,900,000
Maximum \| Office Leases
Commitments and Contingencies Disclosure [Line Items]
Lease term	10 years
Maximum \| Office Leases \| Affiliates Operating Lease
Commitments and Contingencies Disclosure [Line Items]
Lease term	10 years
Maximum \| Equipment
Commitments and Contingencies Disclosure [Line Items]
Lease term	4 years
Minimum \| Equipment
Commitments and Contingencies Disclosure [Line Items]
Lease term	3 years
Credit Support Agreement \| Colorado
Commitments and Contingencies Disclosure [Line Items]
Reimbursements	10,900,000	8,600,000
Funding Arrangements
Commitments and Contingencies Disclosure [Line Items]
Reimbursements	14,000,000	13,100,000
Funding Arrangements \| Colorado
Commitments and Contingencies Disclosure [Line Items]
Reimbursements	12,800,000	11,900,000
Unconsolidated Joint Ventures
Commitments and Contingencies Disclosure [Line Items]
Exposure of surety bonds in connection with development of projects	22,700,000	22,800,000
Bonds issued for development of projects	63,200,000	63,700,000
Homebuilding Operations
Commitments and Contingencies Disclosure [Line Items]
Exposure of surety bonds in connection with development of projects	66,800,000	77,300,000
Bonds issued for development of projects	146,500,000	169,700,000
Sub Limit For Letters Of Credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit, borrowing capacity					62,500,000
Letter of Credit
Commitments and Contingencies Disclosure [Line Items]
Letter of credit outstanding amount		0
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit, borrowing capacity					75,000,000
Letter of credit outstanding amount	0
Before Amendment
Commitments and Contingencies Disclosure [Line Items]
Number of homes with alleged construction defects	589
After Amendment
Commitments and Contingencies Disclosure [Line Items]
Number of homes with alleged construction defects	964
Litigation Matters
Commitments and Contingencies Disclosure [Line Items]
Legal reserves	13,300,000
Additional obligation for settlement	$9,700,000

Future_Minimum_Rental_Payments

Future Minimum Rental Payments Under Operating Leases (Detail) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Future Minimum Payments Under Non-Cancelable Operating Leases With Initial Terms Of One-Year Or More [Line Items]
2015	$982
2016	931
2017	802
2018	743
2019 and thereafter	1,154
Total	4,612
Affiliates Operating Lease
Future Minimum Payments Under Non-Cancelable Operating Leases With Initial Terms Of One-Year Or More [Line Items]
2015	1,311
2016	619
2017	366
2018	383
2019 and thereafter	2,380
Total	$5,059

Supplemental_Disclosures_to_Co

Supplemental Disclosures to Consolidated Statements of Cash Flows (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental disclosure of cash flow information
Income taxes paid (refunded)	$20,300	$1,181	($3,891)
Interest paid, net of amounts capitalized	584	4,946	19,225
Supplemental disclosure of noncash activities
Unrealized gain (loss) on available-for-sale investments, net	318	271	-1,875
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities	45	-365	212
Purchase of land in exchange for note payable	13,004	4,379	8,982
Contribution of inventory to unconsolidated joint venture	9,468	4,082	0
Deferred gain on inventory purchased from unconsolidated joint venture	901	0	0
Distribution to Owners for assumption of liability and revenue participation payments for land purchased from an affiliate under common control	-20,891	0	0
Elimination of consolidated joint venture inventory, receivables from affiliates and other assets	0	0	-41,600
Elimination of consolidated joint venture note payable and other liabilities	0	0	-1,949
Redemption of Company's interest in consolidated joint venture and elimination of non-controlling interest, less cash retained by non-controlling interest	$0	$0	($39,651)

Financial_Information_for_Repo

Financial Information for Reportable Segments - Assets (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Assets	$1,666,710	$1,505,333
Homebuilding
Segment Reporting Information [Line Items]
Assets	1,388,603	1,240,416
Homebuilding \| Southern California
Segment Reporting Information [Line Items]
Assets	370,522	316,339
Homebuilding \| San Diego
Segment Reporting Information [Line Items]
Assets	149,748	160,593
Homebuilding \| Northern California
Segment Reporting Information [Line Items]
Assets	295,247	286,513
Homebuilding \| Mountain West
Segment Reporting Information [Line Items]
Assets	355,936	316,459
Homebuilding \| South West
Segment Reporting Information [Line Items]
Assets	192,359	155,416
Homebuilding \| East
Segment Reporting Information [Line Items]
Assets	24,791	5,096
Corporate
Segment Reporting Information [Line Items]
Assets	$278,107	$264,917

Financial_Information_for_Repo1

Financial Information for Reportable Segments - Inventory (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2014
Segment Reporting Information [Line Items]
Inventory	$1,173,585	$1,013,272
Northern California
Segment Reporting Information [Line Items]
Inventory			4,400
Homebuilding \| Southern California
Segment Reporting Information [Line Items]
Inventory	305,770	239,986
Homebuilding \| San Diego
Segment Reporting Information [Line Items]
Inventory	128,241	142,395
Homebuilding \| Northern California
Segment Reporting Information [Line Items]
Inventory	259,997	249,111
Homebuilding \| Mountain West
Segment Reporting Information [Line Items]
Inventory	301,364	247,294
Homebuilding \| South West
Segment Reporting Information [Line Items]
Inventory	156,716	132,484
Homebuilding \| East
Segment Reporting Information [Line Items]
Inventory	$21,497	$2,002

Financial_Information_for_Repo2

Financial Information for Reportable Segments - Revenues (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues	$419,919	$284,489	$256,083	$180,115	$340,031	$238,309	$217,310	$134,960	$1,140,606	$930,610	$680,147
Homebuilding
Segment Reporting Information [Line Items]
Revenues									1,140,025	929,697	679,162
Homebuilding \| Southern California
Segment Reporting Information [Line Items]
Revenues									393,480	207,650	133,990
Homebuilding \| San Diego
Segment Reporting Information [Line Items]
Revenues									143,234	125,494	85,971
Homebuilding \| Northern California
Segment Reporting Information [Line Items]
Revenues									259,364	242,356	166,106
Homebuilding \| Mountain West
Segment Reporting Information [Line Items]
Revenues									175,665	186,899	147,784
Homebuilding \| South West
Segment Reporting Information [Line Items]
Revenues									168,282	160,744	138,161
Homebuilding \| East
Segment Reporting Information [Line Items]
Revenues									0	6,554	7,150
Corporate
Segment Reporting Information [Line Items]
Revenues									$581	$913	$985

Financial_Information_Relating

Financial Information Relating to Reportable Segments - Income (Loss) Before Income Taxes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$151,612	$111,838	$29,800
Homebuilding
Segment Reporting Information [Line Items]
Income (loss) before income taxes	146,024	110,071	32,409
Homebuilding \| Southern California
Segment Reporting Information [Line Items]
Income (loss) before income taxes	82,029	44,236	12,843
Homebuilding \| San Diego
Segment Reporting Information [Line Items]
Income (loss) before income taxes	22,288	7,717	2,493
Homebuilding \| Northern California
Segment Reporting Information [Line Items]
Income (loss) before income taxes	51,219	40,648	19,292
Homebuilding \| Mountain West
Segment Reporting Information [Line Items]
Income (loss) before income taxes	-4,982	9,463	156
Homebuilding \| South West
Segment Reporting Information [Line Items]
Income (loss) before income taxes	-1,498	8,356	-2,173
Homebuilding \| East
Segment Reporting Information [Line Items]
Income (loss) before income taxes	-3,032	-349	-202
Corporate
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$5,588	$1,767	($2,609)

Financial_Information_Relating1

Financial Information Relating to Segments - Impairment (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Disclosure [Line Items]
Inventory impairment	$9,035	$0	$0
Homebuilding \| Southern California
Segment Reporting Disclosure [Line Items]
Inventory impairment	284	0	0
Homebuilding \| San Diego
Segment Reporting Disclosure [Line Items]
Inventory impairment	0	0	0
Homebuilding \| Northern California
Segment Reporting Disclosure [Line Items]
Inventory impairment	0	0	0
Homebuilding \| Mountain West
Segment Reporting Disclosure [Line Items]
Inventory impairment	0	0	0
Homebuilding \| South West
Segment Reporting Disclosure [Line Items]
Inventory impairment	8,751	0	0
Homebuilding \| East
Segment Reporting Disclosure [Line Items]
Inventory impairment	$0	$0	$0

Recovered_Sheet2

Results Of Quarterly Operations (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Results Of Operations [Line Items]
Revenues	$419,919	$284,489	$256,083	$180,115	$340,031	$238,309	$217,310	$134,960	$1,140,606	$930,610	$680,147
Gross margin	82,564	67,894	60,273	44,857	85,388	55,848	48,426	31,536	255,588	221,198	141,713
Net income	59,670	33,731	28,703	11,295	73,744	25,826	19,532	6,837	133,399	125,939	29,184
Net income attributable to SHLP	$59,682	$33,749	$28,707	$11,298	$73,751	$25,824	$19,534	$6,838	$133,436	$125,947	$29,038

Condensed_Consolidating_Balanc

Condensed Consolidating Balance Sheet (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Assets
Cash and cash equivalents	$236,902		$206,205		$279,756		$268,366
Restricted cash	426		1,189
Accounts and other receivables, net	147,508		147,499
Receivables from affiliates, net	6,403		31,313
Inventory	1,173,585		1,013,272
Investments in and advances to unconsolidated joint ventures	42,764		48,785
Investments in subsidiaries	0		0
Other assets, net	59,122		57,070
Intercompany	0		0
Total assets	1,666,710		1,505,333
Liabilities:
Notes payable	761,404		751,708
Payables to affiliates	4,797		21
Accounts payable	67,321		62,346
Other liabilities	278,330		245,801
Intercompany	0		0
Total liabilities	1,111,852		1,059,876
SHLP equity:
Owners' equity	549,373		440,268
Accumulated other comprehensive income	5,106		4,788
Total SHLP equity	554,479		445,056
Non-controlling interests	379		401
Total equity	554,858		445,457		319,247		328,003
Total liabilities and equity	1,666,710		1,505,333
SHLP Corp
Assets
Cash and cash equivalents	135,804	[1],[2]	153,794	[1],[3],[4]	216,914	[3],[5]	157,511	[5]
Restricted cash	259	[2]	695	[4]
Accounts and other receivables, net	120,135	[2]	120,299	[4]
Receivables from affiliates, net	6,369	[2]	9,251	[4]
Inventory	993,507	[2]	749,832	[4]
Investments in and advances to unconsolidated joint ventures	25,343	[2]	22,068	[4]
Investments in subsidiaries	786,462	[2]	748,326	[4]
Other assets, net	22,298	[2]	24,030	[4]
Intercompany	0	[2]	0	[4]
Total assets	2,090,177	[2]	1,828,295	[4]
Liabilities:
Notes payable	761,404	[2]	751,708	[4]
Payables to affiliates	20	[2]	20	[4]
Accounts payable	51,663	[2]	36,594	[4]
Other liabilities	176,160	[2]	171,470	[4]
Intercompany	546,451	[2]	423,447	[4]
Total liabilities	1,535,698	[2]	1,383,239	[4]
SHLP equity:
Owners' equity	549,373	[2]	440,268	[4]
Accumulated other comprehensive income	5,106	[2]	4,788	[4]
Total SHLP equity	554,479	[2]	445,056	[4]
Non-controlling interests	0	[2]	0	[4]
Total equity	554,479	[2]	445,056	[4]
Total liabilities and equity	2,090,177	[2]	1,828,295	[4]
Guarantor Subsidiaries
Assets
Cash and cash equivalents	93,386		43,803		48,895		96,100
Restricted cash	113		354
Accounts and other receivables, net	27,193		26,754
Receivables from affiliates, net	14		21,761
Inventory	178,859		263,213
Investments in and advances to unconsolidated joint ventures	1,619		1,357
Investments in subsidiaries	81,447		69,755
Other assets, net	36,690		32,957
Intercompany	572,036		465,706
Total assets	991,357		925,660
Liabilities:
Notes payable	0		0
Payables to affiliates	0		0
Accounts payable	15,344		25,334
Other liabilities	77,701		41,370
Intercompany	0		0
Total liabilities	93,045		66,704
SHLP equity:
Owners' equity	893,206		854,168
Accumulated other comprehensive income	5,106		4,788
Total SHLP equity	898,312		858,956
Non-controlling interests	0		0
Total equity	898,312		858,956
Total liabilities and equity	991,357		925,660
Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	7,712		8,608		13,947		14,755
Restricted cash	54		140
Accounts and other receivables, net	16,616		28,696
Receivables from affiliates, net	20		25
Inventory	4,353		3,361
Investments in and advances to unconsolidated joint ventures	15,802		25,360
Investments in subsidiaries	86,721		90,484
Other assets, net	134		83
Intercompany	0		0
Total assets	131,412		156,757
Liabilities:
Notes payable	0		0
Payables to affiliates	3		1
Accounts payable	314		418
Other liabilities	40,904		61,211
Intercompany	33,494		45,117
Total liabilities	74,715		106,747
SHLP equity:
Owners' equity	56,318		49,609
Accumulated other comprehensive income	0		0
Total SHLP equity	56,318		49,609
Non-controlling interests	379		401
Total equity	56,697		50,010
Total liabilities and equity	131,412		156,757
Consolidation, Eliminations
Assets
Cash and cash equivalents	0		0		0		0
Restricted cash	0		0
Accounts and other receivables, net	-16,436		-28,250
Receivables from affiliates, net	0		276
Inventory	-3,134		-3,134
Investments in and advances to unconsolidated joint ventures	0		0
Investments in subsidiaries	-954,630		-908,565
Other assets, net	0		0
Intercompany	-572,036		-465,706
Total assets	-1,546,236		-1,405,379
Liabilities:
Notes payable	0		0
Payables to affiliates	4,774		0
Accounts payable	0		0
Other liabilities	-16,435		-28,250
Intercompany	-579,945		-468,564
Total liabilities	-591,606		-496,814
SHLP equity:
Owners' equity	-949,524		-903,777
Accumulated other comprehensive income	-5,106		-4,788
Total SHLP equity	-954,630		-908,565
Non-controlling interests	0		0
Total equity	-954,630		-908,565
Total liabilities and equity	($1,546,236)		($1,405,379)

[1]	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2014 were not material.
[2]	Includes Shea Homes Funding Corp., whose financial position at December 31, 2014 was not material.
[3]	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material.
[4]	Includes Shea Homes Funding Corp., whose financial position at December 31, 2013 was not material.
[5]	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material.

Condensed_Consolidating_Statem

Condensed Consolidating Statement of Income and Comprehensive Income (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Revenues	$419,919	$284,489	$256,083	$180,115	$340,031	$238,309	$217,310	$134,960	$1,140,606		$930,610		$680,147
Cost of sales									-885,018		-709,412		-538,434
Gross margin	82,564	67,894	60,273	44,857	85,388	55,848	48,426	31,536	255,588		221,198		141,713
Selling expenses									-63,429		-54,338		-45,788
General and administrative expenses									-54,921		-50,080		-43,747
Equity in income (loss) from unconsolidated joint ventures									9,142		-1,104		378
Equity in income (loss) from subsidiaries									0		0		0
Gain on reinsurance									7,177		2,011		-12,013
Interest expense									-595	[1]	-5,071	[1]	-19,862	[1]
Other income (expense), net									-1,350		-778		9,119
Income (loss) before income taxes									151,612		111,838		29,800
Income tax benefit (expense)									-18,213		14,101		-616
Net income	59,670	33,731	28,703	11,295	73,744	25,826	19,532	6,837	133,399		125,939		29,184
Less: Net income attributable to non-controlling interests									37		8		-146
Net income (loss) attributable to SHLP	59,682	33,749	28,707	11,298	73,751	25,824	19,534	6,838	133,436		125,947		29,038
Comprehensive income									133,717		126,210		27,309
SHLP Corp
Condensed Financial Statements, Captions [Line Items]
Revenues									680,109	[2]	505,510	[3]	470,756	[4]
Cost of sales									-545,442	[2]	-406,563	[3]	-372,576	[4]
Gross margin									134,667	[2]	98,947	[3]	98,180	[4]
Selling expenses									-38,268	[2]	-28,925	[3]	-26,836	[4]
General and administrative expenses									-37,444	[2]	-34,936	[3]	-30,560	[4]
Equity in income (loss) from unconsolidated joint ventures									-4,000	[2]	-2,020	[3]	-338	[4]
Equity in income (loss) from subsidiaries									85,794	[2]	100,821	[3]	11,334	[4]
Gain on reinsurance									0	[2]	0	[3]	0	[4]
Interest expense									-595	[2]	-3,658	[3]	-17,326	[4]
Other income (expense), net									-6,709	[2]	-4,280	[3]	-5,411	[4]
Income (loss) before income taxes									133,445	[2]	125,949	[3]	29,043	[4]
Income tax benefit (expense)									-9	[2]	-2	[3]	-5	[4]
Net income									133,436	[2]	125,947	[3]	29,038	[4]
Less: Net income attributable to non-controlling interests									0	[2]	0	[3]	0	[4]
Net income (loss) attributable to SHLP									133,436	[2]	125,947	[3]	29,038	[4]
Comprehensive income									133,754	[2]	126,218	[3]	27,163	[4]
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues									444,229		404,393		200,329
Cost of sales									-338,185		-302,081		-164,992
Gross margin									106,044		102,312		35,337
Selling expenses									-17,899		-18,847		-13,531
General and administrative expenses									-14,979		-12,294		-10,500
Equity in income (loss) from unconsolidated joint ventures									119		-65		-43
Equity in income (loss) from subsidiaries									8,148		-1,443		-20,211
Gain on reinsurance									0		0		0
Interest expense									0		-1,413		-2,532
Other income (expense), net									5,502		3,428		12,905
Income (loss) before income taxes									86,935		71,678		1,425
Income tax benefit (expense)									-18,183		14,112		-601
Net income									68,752		85,790		824
Less: Net income attributable to non-controlling interests									0		0		0
Net income (loss) attributable to SHLP									68,752		85,790		824
Comprehensive income									69,070		86,061		-1,051
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues									16,268		20,707		9,062
Cost of sales									-1,391		-1,502		-1,343
Gross margin									14,877		19,205		7,719
Selling expenses									-7,262		-6,566		-5,421
General and administrative expenses									-2,498		-2,850		-2,687
Equity in income (loss) from unconsolidated joint ventures									13,023		981		759
Equity in income (loss) from subsidiaries									1,748		-3,342		-4,556
Gain on reinsurance									7,177		2,011		-12,013
Interest expense									0		0		-4
Other income (expense), net									-143		808		2,102
Income (loss) before income taxes									26,922		10,247		-14,101
Income tax benefit (expense)									-21		-9		-10
Net income									26,901		10,238		-14,111
Less: Net income attributable to non-controlling interests									37		8		-146
Net income (loss) attributable to SHLP									26,938		10,246		-14,257
Comprehensive income									26,901		10,238		-14,111
Consolidation, Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues									0		0		0
Cost of sales									0		734		477
Gross margin									0		734		477
Selling expenses									0		0		0
General and administrative expenses									0		0		0
Equity in income (loss) from unconsolidated joint ventures									0		0		0
Equity in income (loss) from subsidiaries									-95,690		-96,036		13,433
Gain on reinsurance									0		0		0
Interest expense									0		0		0
Other income (expense), net									0		-734		-477
Income (loss) before income taxes									-95,690		-96,036		13,433
Income tax benefit (expense)									0		0		0
Net income									-95,690		-96,036		13,433
Less: Net income attributable to non-controlling interests									0		0		0
Net income (loss) attributable to SHLP									-95,690		-96,036		13,433
Comprehensive income									($96,008)		($96,307)		$15,308

[1]	For the eight months ended August 31, 2013 and for the year ended December 31, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2014, qualifying assets exceeded debt; therefore, no interest on the Secured Notes (see Note 10) was expensed. 2014 interest expense represents fees charged on the unused Revolver (see Note 10) that is not considered a cost of borrowing and is not capitalized.
[2]	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2014 was not material.
[3]	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2013 was not material.
[4]	Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2012 was not material.

Condensed_Consolidating_Statem1

Condensed Consolidating Statement of Cash Flows (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Operating activities
Net cash provided by (used in) operating activities	$2,454		($47,867)		($6,655)
Investing activities
Collections (advances) on promissory notes from affiliates	25,183		4,104		1,881
Investments in and advances to unconsolidated joint ventures	-29,158		-26,145		-11,967
Distributions from unconsolidated joint ventures	38,767		4,072		427
Proceeds from sale of available-for-sale investments	184		3,165		26,547
Net cash provided by (used in) investing activities	34,976		-14,804		16,888
Financing activities
Principal payments to financial institutions and others	-3,308		-10,880		-2,429
Distributions to owners	-4,385		0		0
Intercompany	0		0		0
Other financing activities	960				3,586
Net cash provided by (used in) financing activities	-6,733		-10,880		1,157
Net decrease in cash and cash equivalents	30,697		-73,551		11,390
Cash and cash equivalents at beginning of year	206,205		279,756		268,366
Cash and cash equivalents at end of year	236,902		206,205		279,756
SHLP Corp
Operating activities
Net cash provided by (used in) operating activities	-159,184	[1]	-135,869	[2]	33,520	[3]
Investing activities
Collections (advances) on promissory notes from affiliates	3,595	[1]	1,192	[2]	1,142	[3]
Investments in and advances to unconsolidated joint ventures	-5,863	[1]	-9,713	[2]	-10,898	[3]
Distributions from unconsolidated joint ventures	121	[1]	0	[2]	0	[3]
Proceeds from sale of available-for-sale investments	0	[1]	0	[2]	0	[3]
Net cash provided by (used in) investing activities	-2,147	[1]	-8,521	[2]	-9,756	[3]
Financing activities
Principal payments to financial institutions and others	-3,308	[1]	-10,880	[2]	-2,230	[3]
Distributions to owners	-4,385	[1]
Intercompany	150,089	[1]	92,150	[2]	35,517	[3]
Other financing activities	945	[1]			2,352	[3]
Net cash provided by (used in) financing activities	143,341	[1]	81,270	[2]	35,639	[3]
Net decrease in cash and cash equivalents	-17,990	[1]	-63,120	[2]	59,403	[3]
Cash and cash equivalents at beginning of year	153,794	[1],[2],[4]	216,914	[2],[3]	157,511	[3]
Cash and cash equivalents at end of year	135,804	[1],[5]	153,794	[1],[2],[4]	216,914	[2],[3]
Guarantor Subsidiaries
Operating activities
Net cash provided by (used in) operating activities	146,682		74,342		-64,012
Investing activities
Collections (advances) on promissory notes from affiliates	21,588		2,912		882
Investments in and advances to unconsolidated joint ventures	-299		-275		-229
Distributions from unconsolidated joint ventures	125		0		427
Proceeds from sale of available-for-sale investments	184		3,165		26,547
Net cash provided by (used in) investing activities	21,598		5,802		27,627
Financing activities
Principal payments to financial institutions and others	0		0		0
Distributions to owners	0
Intercompany	-118,697		-85,236		-10,820
Other financing activities	0				0
Net cash provided by (used in) financing activities	-118,697		-85,236		-10,820
Net decrease in cash and cash equivalents	49,583		-5,092		-47,205
Cash and cash equivalents at beginning of year	43,803		48,895		96,100
Cash and cash equivalents at end of year	93,386		43,803		48,895
Non-Guarantor Subsidiaries
Operating activities
Net cash provided by (used in) operating activities	9,905		10,901		25,506
Investing activities
Collections (advances) on promissory notes from affiliates	0		0		-143
Investments in and advances to unconsolidated joint ventures	-22,996		-16,157		-840
Distributions from unconsolidated joint ventures	38,521		4,072		0
Proceeds from sale of available-for-sale investments	0		0		0
Net cash provided by (used in) investing activities	15,525		-12,085		-983
Financing activities
Principal payments to financial institutions and others	0		0		-199
Distributions to owners	0
Intercompany	-26,341		-4,155		-26,366
Other financing activities	15				1,234
Net cash provided by (used in) financing activities	-26,326		-4,155		-25,331
Net decrease in cash and cash equivalents	-896		-5,339		-808
Cash and cash equivalents at beginning of year	8,608		13,947		14,755
Cash and cash equivalents at end of year	7,712		8,608		13,947
Consolidation, Eliminations
Operating activities
Net cash provided by (used in) operating activities	5,051		2,759		-1,669
Investing activities
Collections (advances) on promissory notes from affiliates	0		0		0
Investments in and advances to unconsolidated joint ventures	0		0		0
Distributions from unconsolidated joint ventures	0		0		0
Proceeds from sale of available-for-sale investments	0		0		0
Net cash provided by (used in) investing activities	0		0		0
Financing activities
Principal payments to financial institutions and others	0		0		0
Distributions to owners	0
Intercompany	-5,051		-2,759		1,669
Other financing activities	0				0
Net cash provided by (used in) financing activities	-5,051		-2,759		1,669
Net decrease in cash and cash equivalents	0		0		0
Cash and cash equivalents at beginning of year	0		0		0
Cash and cash equivalents at end of year	$0		$0		$0

[1]	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2014 were not material.
[2]	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material.
[3]	Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material.
[4]	Includes Shea Homes Funding Corp., whose financial position at December 31, 2013 was not material.
[5]	Includes Shea Homes Funding Corp., whose financial position at December 31, 2014 was not material.