Landsea Homes (LSEA) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38545
Entity Registrant Name	Landsea Homes Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2196021
Entity Address, Address Line One	1717 McKinney Avenue
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75202
City Area Code	949
Local Phone Number	345-8080
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,795,191
Entity CIK	0001721386
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Common Class A | NASDAQ
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	LSEA
Security Exchange Name	NASDAQ
Warrant | NASDAQ
Entity Information [Line Items]
Title of 12(b) Security	Warrants exercisable for Common Stock
Trading Symbol	LSEAW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - (

Consolidated Balance Sheets - (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 133,491	$ 123,634
Cash held in escrow	10,956	17,101
Real estate inventories	1,155,661	1,093,369
Due from affiliates	4,232	3,744
Goodwill	68,639	68,639
Other assets	104,108	134,009
Total assets	1,477,087	1,440,496
Liabilities
Accounts payable	72,287	74,445
Accrued expenses and other liabilities	$ 150,079	$ 149,426
Other Liability, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Due to affiliates	$ 881	$ 884
Line of credit facility, net	317,010	505,422
Senior notes, net	235,383	0
Total liabilities	775,640	730,177
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 41,382,453 issued and 37,795,191 outstanding as of September 30, 2023, 42,110,794 issued and 40,884,268 outstanding as of December 31, 2022	4	4
Additional paid-in capital	477,837	497,598
Retained earnings	175,109	158,348
Total stockholders’ equity	652,950	655,950
Noncontrolling interests	48,497	54,369
Total equity	701,447	710,319
Total liabilities and equity	$ 1,477,087	$ 1,440,496

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	41,382,453	42,110,794
Common stock, shares outstanding (in shares)	37,795,191	40,884,268

Consolidated Statements of Oper

Consolidated Statements of Operations - (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 277,348	$ 335,585	$ 812,332	$ 1,020,491
Total cost of sales	223,062	269,099	663,412	810,766
Gross margin	54,286	66,486	148,920	209,725
Sales and marketing expenses	16,930	21,063	51,672	64,366
General and administrative expenses	25,463	21,111	74,223	70,734
Total operating expenses	42,393	42,174	125,895	135,100
Income from operations	11,893	24,312	23,025	74,625
Other income (loss), net	656	990	2,770	(654)
Loss on remeasurement of warrant liability	0	0	0	(7,315)
Pretax income	12,549	25,302	25,795	66,656
Provision for income taxes	3,066	4,021	6,323	17,460
Net income	9,483	21,281	19,472	49,196
Net income attributable to noncontrolling interests	887	1,311	2,711	1,226
Net income attributable to Landsea Homes Corporation	$ 8,596	$ 19,970	$ 16,761	$ 47,970
Income per share:
Basic (in dollars per share)	$ 0.22	$ 0.49	$ 0.43	$ 1.10
Diluted (in dollars per share)	$ 0.22	$ 0.49	$ 0.42	$ 1.09
Weighted average common shares outstanding:
Basic (in shares)	38,336,100	39,935,152	39,402,507	42,768,269
Diluted (in shares)	38,440,392	40,097,269	39,549,035	42,943,871
Home sales
Revenue	$ 258,062	$ 326,496	$ 790,199	$ 975,269
Cost of sales	209,753	258,362	647,642	770,220
Gross margin	48,309	68,134	142,557	205,049
Lot sales and other
Revenue	19,286	9,089	22,133	45,222
Cost of sales	13,309	10,737	15,770	40,546
Gross margin	$ 5,977	$ (1,648)	$ 6,363	$ 4,676

Consolidated Statements of Equi

Consolidated Statements of Equity - (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021		46,281,091
Beginning balance at Dec. 31, 2021	$ 621,397	$ 5	$ 535,345	$ 84,797	$ 1,250
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		228,529
Cash paid for shares withheld for taxes	(848)		(848)
Stock-based compensation expense	2,780		2,780
Repurchase of common stock and associated tax (in shares)		(5,559,577)
Repurchase of common stock and associated tax	(40,200)	$ (1)	(40,199)
Contributions from noncontrolling interests	55,000				55,000
Distributions to noncontrolling interests	(3,072)				(3,072)
Net income (loss)	49,196			47,970	1,226
Ending balance (in shares) at Sep. 30, 2022		40,950,043
Ending balance at Sep. 30, 2022	684,253	$ 4	497,078	132,767	54,404
Beginning balance (in shares) at Jun. 30, 2022		40,925,579
Beginning balance at Jun. 30, 2022	665,136	$ 4	496,170	112,797	56,165
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		24,464
Stock-based compensation expense	908		908
Distributions to noncontrolling interests	(3,072)				(3,072)
Net income (loss)	21,281			19,970	1,311
Ending balance (in shares) at Sep. 30, 2022		40,950,043
Ending balance at Sep. 30, 2022	$ 684,253	$ 4	497,078	132,767	54,404
Beginning balance (in shares) at Dec. 31, 2022	40,884,268	40,884,268
Beginning balance at Dec. 31, 2022	$ 710,319	$ 4	497,598	158,348	54,369
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		267,782
Stock options exercised (in shares)		3,877
Stock options exercised	37		37
Cash paid for shares withheld for taxes	(695)		(695)
Stock-based compensation expense	2,249		2,249
Repurchase of common stock and associated tax (in shares)		(2,360,736)
Repurchase of common stock and associated tax	(21,352)		(21,352)
Forfeiture and cancellation of Earnout Shares (in shares)		(1,000,000)
Distributions to noncontrolling interests	(8,583)				(8,583)
Net income (loss)	$ 19,472			16,761	2,711
Ending balance (in shares) at Sep. 30, 2023	37,795,191	37,795,191
Ending balance at Sep. 30, 2023	$ 701,447	$ 4	477,837	175,109	48,497
Beginning balance (in shares) at Jun. 30, 2023		39,183,181
Beginning balance at Jun. 30, 2023	711,606	$ 4	490,741	166,513	54,348
Increase (Decrease) in Shareholders' Equity
Stock options exercised (in shares)		3,877
Stock options exercised	37		37
Stock-based compensation expense	879		879
Repurchase of common stock and associated tax (in shares)		(1,391,867)
Repurchase of common stock and associated tax	(13,820)		(13,820)
Distributions to noncontrolling interests	(6,738)				(6,738)
Net income (loss)	$ 9,483			8,596	887
Ending balance (in shares) at Sep. 30, 2023	37,795,191	37,795,191
Ending balance at Sep. 30, 2023	$ 701,447	$ 4	$ 477,837	$ 175,109	$ 48,497

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 19,472,000	$ 49,196,000
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	3,778,000	4,445,000
Loss on remeasurement of warrant liability	0	7,315,000
Real estate inventories impairment	4,700,000	0
Stock-based compensation	2,249,000	2,780,000
Loss on extinguishment or forgiveness of debt	0	2,496,000
Abandoned project costs	745,000	324,000
Write-off of offering costs	436,000	0
Deferred taxes	(10,000)	(2,217,000)
Changes in operating assets and liabilities:
Cash held in escrow	6,145,000	(3,111,000)
Real estate inventories	(64,666,000)	(99,397,000)
Due from affiliates	(491,000)	(715,000)
Other assets	31,790,000	(46,887,000)
Accounts payable	(2,159,000)	2,284,000
Accrued expenses and other liabilities	123,000	287,000
Net cash provided by (used in) operating activities	2,112,000	(83,200,000)
Cash flows from investing activities:
Purchases of property and equipment	(5,530,000)	(4,062,000)
Distributions of capital from unconsolidated joint ventures	0	578,000
Payments for business acquisition, net of cash acquired	0	(258,727,000)
Net cash used in investing activities	(5,530,000)	(262,211,000)
Cash flows from financing activities:
Borrowings from notes and other debts payable	482,500,000	361,910,000
Repayments of notes and other debts payable	(429,300,000)	(240,526,000)
Cash paid for shares withheld for taxes	(695,000)	(848,000)
Payment for buyback of warrants	0	(16,500,000)
Proceeds from exercise of stock options	37,000	0
Repurchases of common stock	(21,160,000)	(40,200,000)
Contributions from noncontrolling interests	0	55,000,000
Distributions to noncontrolling interests	(8,583,000)	(3,072,000)
Deferred offering costs paid	(224,000)	0
Debt issuance and extinguishment costs paid	(9,300,000)	(3,414,000)
Net cash provided by financing activities	13,275,000	112,350,000
Net decrease in cash, cash equivalents, and restricted cash	9,857,000	(233,061,000)
Cash, cash equivalents, and restricted cash at beginning of period	123,634,000	343,253,000
Cash, cash equivalents, and restricted cash at end of period	$ 133,491,000	$ 110,192,000

Company and Summary of Signific

Company and Summary of Significant Account Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Company and Summary of Significant Account Policies	Company and Summary of Significant Account Policies Landsea Homes Corporation (together with its subsidiaries, “Landsea Homes” or the “Company”), a majority owned subsidiary of Landsea Holdings Corporation (“Landsea Holdings”), is engaged in the acquisition, development, and sale of homes and lots in Arizona, California, Florida, New York, and Texas. The Company’s operations are organized into the following five reportable segments: Arizona, California, Florida, Metro New York, and Texas. Basis of Presentation and Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and all subsidiaries, partnerships, and other entities in which the Company has a controlling interest as well as variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary. The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for under the equity method. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 9, 2023. The accompanying unaudited consolidated financial statements include all adjustments, consisting of normal recurring entries, necessary for a fair presentation of the Company’s results for the interim periods presented. Results for the interim periods are not necessarily indicative of the results to be expected for the full year due to seasonal variations and other factors. Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of ASU 2020-04. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of the reference rate reform guidance to December 31, 2024. The guidance in ASU 2020-04 may be elected over time, through December 31, 2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In June 2022, the Company modified its credit facility to use the Secured Overnight Financing Rate (“SOFR”) as a reference rate rather than LIBOR. The Company elected to apply this guidance which preserves the presentation of the loan consistent with the presentation prior to the modification. In October 2021, the FASB issued ASU 2021-08, which requires application of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , to recognize and measure contract assets and liabilities from contracts with customers acquired in a business combination. ASU 2021-08 creates an exception to the general recognition and measurement principle in ASC 805, Business Combinations , and will result in recognition of contract assets and contract liabilities consistent with those recorded by the acquiree immediately before the acquisition date. The standard is effective for fiscal years beginning after December 15, 2022, early adoption was permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. In March 2023, the FASB issued ASU 2023-01, which amends the application of ASU 2016-02, Leases (Topic 842), related to leases with entities under common control, also referred to as common control leases. The amendments to this update require an entity to consider the useful life of leasehold improvements associated with common control leases from the perspective of the common control group and amortize the leasehold improvements over the useful life of the assets to the common control group, instead of the term of the lease. Any remaining value for the leasehold improvement at the end of the lease would be adjusted through equity. The standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On January 18, 2022, the Company acquired 100% of Hanover Family Builders, LLC (“Hanover”), a Florida-based homebuilder, for an aggregate cash purchase price, net of working capital adjustments, of $262.6 million. The aggregate purchase price included a pay-off of $69.3 million related to debt held by Hanover and a payment of $15.6 million for land-related deposits. The total assets of Hanover included approximately 20 development projects and 3,800 lots owned or controlled in various stages of development. In accordance with ASC 805, the assets acquired and liabilities assumed from the acquisition of Hanover were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid. Acquired inventories consist of land, land deposits, and work in process inventories. For acquired land and land options, the Company typically utilizes, with the assistance of a third-party valuation specialist, a sales comparison approach. For work in process inventories, the Company estimates the fair value based upon the stage of production of each unit and a gross margin that management believes a market participant would require to complete the remaining development and requisite selling efforts. On the acquisition date, the stage of production for each lot ranged from recently started lots to fully completed homes. The intangible asset acquired related to the Hanover trade name, which was estimated to have a fair value of $1.6 million and was amortized over one year. Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed and relates primarily to the assembled workforce and business synergies. Goodwill of $44.2 million was recorded on the consolidated balance sheets as a result of this transaction and is expected to be deductible for tax purposes over 15 years. The acquired goodwill is included in the Florida reporting segment in Note 11 – Segment Reporting . The Company incurred transaction related costs of $0.1 million and $0.7 million related to the Hanover acquisition during the three and nine months ended September 30, 2022, respectively. The following is a summary of the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands) . Assets Acquired Cash $ 3,857 Real estate inventories 232,071 Goodwill 44,182 Trade name 1,590 Other assets 378 Total assets $ 282,078 Liabilities Assumed Accounts payable $ 6,329 Accrued expenses 13,165 Total liabilities 19,494 Net assets acquired $ 262,584 Unaudited Pro Forma Financial Information Unaudited pro forma revenue and net income for the following periods presented give effect to the results of the acquisition of Hanover as though the acquisition date was as of January 1, 2021, the beginning of the year preceding the acquisition. Unaudited pro forma net income adjusts the operating result of Hanover to reflect the additional costs that would have been recorded assuming the fair value adjustments had been applied as of the beginning of the year preceding the year of acquisition including the tax-effected amortization of the acquired trade name and transaction related costs. Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 (dollars in thousands) Revenue $ 335,585 $ 1,025,600 Pretax income 34,994 103,890 Provision for income taxes 4,823 27,213 Net income $ 30,171 $ 76,677

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates two joint venture (“JV”) VIEs. The consolidated VIEs include one active project in the Metro New York area (“14th Ave JV”) and one JV with the purpose of acquiring undeveloped land (the “LCF JV”). The Company has determined that it is the primary beneficiary of these VIEs as it has the power to direct activities of the operations that most significantly affect their economic performance. Both consolidated VIEs are financed by equity contributions from the Company and the JV partner. The 14th Ave JV was also funded by third-party debt which was paid off in April 2022 with proceeds from a loan provided by the Company. The intercompany loan is eliminated upon consolidation. The following table summarizes the carrying amount and classification of the VIEs’ assets and liabilities in the consolidated balance sheets as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 (dollars in thousands) Cash $ 4,407 $ 4,697 Real estate inventories 90,682 99,699 Due from affiliates 719 329 Other assets 2,104 2,124 Total assets $ 97,912 $ 106,849 Accounts payable $ 288 $ 1,577 Accrued expenses and other liabilities 4,950 5,616 Total liabilities $ 5,238 $ 7,193

Real Estate Inventories

Real Estate Inventories	9 Months Ended
	Sep. 30, 2023
Real Estate Inventories [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories are summarized as follows: September 30, 2023 December 31, 2022 (dollars in thousands) Deposits and pre-acquisition costs $ 101,429 $ 101,395 Land held and land under development 280,755 191,047 Homes completed or under construction 720,265 779,352 Model homes 53,212 21,575 Total real estate inventories $ 1,155,661 $ 1,093,369 Deposits and pre-acquisition costs include land deposits and other due diligence costs related to potential land acquisitions. Land held and land under development includes costs incurred during site development such as development, indirect costs, and permits. Homes completed or under construction and model homes include all costs associated with home construction, including land, development, indirect costs, permits, materials, and labor. In accordance with ASC 360, Property, Plant, and Equipment, real estate inventories are stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its fair value. The Company reviews each real estate asset at the community-level, on a quarterly basis or whenever indicators of impairment exist. The Company generally determines the estimated fair value of each community by using a discounted cash flow approach based on the estimated future cash flows at discount rates that reflect the risk of the community being evaluated. The discounted cash flow approach can be impacted significantly by the Company’s estimates of future home sales revenue, home construction costs, pace of homes sales, and the applicable discount rate. During the nine months ended September 30, 2023 the Company recorded $4.7 million of real estate inventories impairment charges related to one community in its California segment. In this instance, the Company determined that additional incentives and persistent discounts were required to sell the remaining homes and was the primary cause of driving the estimated future cash flows for the community below its previous carrying values. No additional impairments were recorded during the three months ended September 30, 2023. The Company did not recognize any impairments on real estate inventories during the three and nine months ended September 30, 2022. Real estate inventories impairment charges are recorded to cost of home sales in the consolidated statements of operations. The table below provides quantitative data for Level 3 inputs, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Projects Impaired Real Estate Inventories Impairment Fair Value of Inventory After Impairment Discount Rate (dollars in thousands) June 30, 2023 1 $ 4,700 $ 19,363 11 % Total $ 4,700

Capitalized Interest

Capitalized Interest	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized Interest	Capitalized Interest Interest is capitalized to real estate inventories during development and as a result of other qualifying activities. Interest capitalized as a cost of real estate inventories is included in cost of sales as related inventories are delivered. For the three and nine months ended September 30, 2023, the Company incurred and capitalized interest of $14.4 million and $37.6 million, respectively. For the three and nine months ended September 30, 2022, the Company incurred and capitalized interest of $13.8 million and $28.6 million, respectively. Previously capitalized interest included in cost of sales during the three and nine months ended September 30, 2023 was $10.0 million and $21.9 million, respectively. Previously capitalized interest included in cost of sales during the three and nine months ended September 30, 2022 was $10.2 million and $31.3 million, respectively. These amounts included interest from certain related party transactions, refer to Note 9 – Related Party Transactions for additional information.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other AssetsAs of September 30, 2023 and December 31, 2022, the Company had contract assets of $6.3 million and $7.2 million, respectively, related to lot sales and other revenue. The contract asset balance is included in other assets on the Company’s consolidated balance sheets and represents cash to be received for work already performed on lot sales and other contracts. The amount of the transaction price for lot sales and other contracts remaining to be recognized as revenue for performance obligations that were not fully satisfied as of September 30, 2023 and December 31, 2022 was $3.7 million and $11.6 million, respectively. As of September 30, 2023, the Company had $1.0 million of deferred revenue related to lot sales and other revenue included in accrued expenses and other liabilities in the Company’s consolidated balance sheets. As of December 31, 2022, the Company had no deferred revenue related to lot sales and other revenue. The Company reduces these liabilities and recognizes revenue as development progresses and the related performance obligations are completed.

Notes and Other Debts Payable,

Notes and Other Debts Payable, net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Notes and Other Debts Payable, net	Notes and Other Debts Payable, net Amounts outstanding under notes and other debts payable, net consist of the following: September 30, 2023 December 31, 2022 (dollars in thousands) Line of credit facility $ 325,000 $ 514,300 Deferred loan costs (7,990) (8,878) Line of credit facility, net $ 317,010 $ 505,422 September 30, 2023 December 31, 2022 (dollars in thousands) Senior notes $ 250,000 $ — Discount and deferred loan costs (14,617) — Senior notes, net $ 235,383 $ — In October 2021, the Company entered into a line of credit agreement (the “Credit Agreement”). The Credit Agreement provides for a senior unsecured borrowing of up to $675.0 million of which there was $325.0 million outstanding as of September 30, 2023. The Company may increase the borrowing capacity up to $850.0 million, under certain conditions. Funds available under the Credit Agreement are subject to a borrowing base requirement which is calculated on specified percentages of our real estate inventories. Borrowings under the Credit Agreement bear interest at SOFR plus 3.35% or Prime Rate (as defined in the Credit Agreement) plus 2.75%. The interest rate includes a floor of 3.85%. The Credit Agreement was modified three times in 2022, which resulted in an increase in the borrowing commitment from $585.0 million to $675.0 million, the replacement of LIBOR with SOFR as an index rate, and an extension of the maturity date to October 2025. As of September 30, 2023, the interest rate on the loan was 8.68%. In July 2023, the Credit Agreement was modified to extend the maturity date and now matures in October 2026. In July 2023, the Company entered into a new senior unsecured note (the “Note Purchase Agreement”). The Note Purchase Agreement provided for the private placement of $250.0 million aggregate principal amount of 11% senior notes (the “Senior Notes”). The Company received the proceeds, net of discount and fees, in July 2023. The Senior Notes matures in July 2028. In addition, the Company previously had one project-specific construction loan. In April 2022, the construction loan was repaid in full with proceeds from borrowings under the Credit Agreement. In connection with this payoff, the Company incurred $2.5 million of debt extinguishment fees, which were included in other income, net, in the consolidated statements of operations during the year ended December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal —The Company is currently involved in various legal actions and proceedings that arise from time to time and may be subject to similar or other legal and/or regulatory actions in the future. The Company is currently unable to estimate the likelihood of an unfavorable result in any such proceeding that could have a material adverse effect on the Company’s results of operations, financial position, or liquidity. In the fourth quarter of 2021, certain insurers paid $14.9 million on behalf of the Company and others to settle a wrongful death suit. The insurers contend they are entitled to seek reimbursement from the Company for some or all of such amounts, which the Company disputes. During October 2023, one of the insurers filed a lawsuit seeking reimbursement, however, at this time the Company is unable to estimate the amount or outcome of the insurers’ claims against the Company. In addition, the Company is unable to estimate the amount or outcome of its recovery actions against relevant third parties. Performance Obligations —In the ordinary course of business, and as part of the entitlement and development process, the Company’s subsidiaries are required to provide performance bonds to assure completion of certain public facilities. The Company had $101.2 million and $114.9 million of performance bonds outstanding as of September 30, 2023 and December 31, 2022, respectively. Warranty —Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Beginning warranty accrual $ 46,227 $ 18,010 $ 46,657 $ 15,692 Warranty provision 2,988 1,359 5,162 4,602 Warranty payments (3,547) (1,118) (6,151) (2,043) Ending warranty accrual $ 45,668 $ 18,251 $ 45,668 $ 18,251 Operating Leases —The Company primarily enters into operating leases for the right to use office space, model homes, and computer and office equipment, which have remaining lease terms that range from 1 to 8 years and often include one or more options to renew. During December 2021, the Company sold model homes and immediately leased back these models. Certain of these model homes were not complete at the time of sale. All of the leases from the sale-leasebacks are accounted for as operating leases and are reflected as part of the Company’s right-of-use assets and lease liabilities in the accompanying consolidated balance sheets. Certain of these sales were to a related party; refer to Note 9 – Related Party Transactions for further detail. The weighted average remaining lease term as of September 30, 2023 and December 31, 2022 was 5.8 and 5.7 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised. The Company established a right-of-use asset and a lease liability based on the present value of future minimum lease payments at the commencement date of the lease, or, if subsequently modified, the date of modification for active leases. As the rate implicit in each lease is not readily determinable, the Company’s incremental borrowing rate is used in determining the present value of future minimum payments as of the commencement date. The weighted average rate as of September 30, 2023 and December 31, 2022 was 5.4% and 4.6%, respectively. Lease components and non-lease components are accounted for as a single lease component. As of September 30, 2023, the Company had $12.9 million and $14.1 million recognized as a right-of-use asset and lease liability, respectively, which are presented on the consolidated balance sheets within other assets and accrued expenses and other liabilities, respectively. As of December 31, 2022, the Company had $15.6 million and $16.4 million recognized as a right-of-use asset and lease liability, respectively. Operating lease expense for the three and nine months ended September 30, 2023 was $0.9 million and $2.8 million, respectively, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2022 operating lease expense was $0.5 million and $1.6 million, respectively. Future minimum payments under the noncancelable operating leases in effect at September 30, 2023 were as follows (dollars in thousands) : 2023 $ 1,042 2024 3,481 2025 2,582 2026 2,332 2027 2,101 Thereafter 4,737 Total lease payments 16,275 Less: Discount (2,217) Present value of lease liabilities $ 14,058
Commitments and Contingencies	Commitments and Contingencies Legal —The Company is currently involved in various legal actions and proceedings that arise from time to time and may be subject to similar or other legal and/or regulatory actions in the future. The Company is currently unable to estimate the likelihood of an unfavorable result in any such proceeding that could have a material adverse effect on the Company’s results of operations, financial position, or liquidity. In the fourth quarter of 2021, certain insurers paid $14.9 million on behalf of the Company and others to settle a wrongful death suit. The insurers contend they are entitled to seek reimbursement from the Company for some or all of such amounts, which the Company disputes. During October 2023, one of the insurers filed a lawsuit seeking reimbursement, however, at this time the Company is unable to estimate the amount or outcome of the insurers’ claims against the Company. In addition, the Company is unable to estimate the amount or outcome of its recovery actions against relevant third parties. Performance Obligations —In the ordinary course of business, and as part of the entitlement and development process, the Company’s subsidiaries are required to provide performance bonds to assure completion of certain public facilities. The Company had $101.2 million and $114.9 million of performance bonds outstanding as of September 30, 2023 and December 31, 2022, respectively. Warranty —Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Beginning warranty accrual $ 46,227 $ 18,010 $ 46,657 $ 15,692 Warranty provision 2,988 1,359 5,162 4,602 Warranty payments (3,547) (1,118) (6,151) (2,043) Ending warranty accrual $ 45,668 $ 18,251 $ 45,668 $ 18,251 Operating Leases —The Company primarily enters into operating leases for the right to use office space, model homes, and computer and office equipment, which have remaining lease terms that range from 1 to 8 years and often include one or more options to renew. During December 2021, the Company sold model homes and immediately leased back these models. Certain of these model homes were not complete at the time of sale. All of the leases from the sale-leasebacks are accounted for as operating leases and are reflected as part of the Company’s right-of-use assets and lease liabilities in the accompanying consolidated balance sheets. Certain of these sales were to a related party; refer to Note 9 – Related Party Transactions for further detail. The weighted average remaining lease term as of September 30, 2023 and December 31, 2022 was 5.8 and 5.7 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised. The Company established a right-of-use asset and a lease liability based on the present value of future minimum lease payments at the commencement date of the lease, or, if subsequently modified, the date of modification for active leases. As the rate implicit in each lease is not readily determinable, the Company’s incremental borrowing rate is used in determining the present value of future minimum payments as of the commencement date. The weighted average rate as of September 30, 2023 and December 31, 2022 was 5.4% and 4.6%, respectively. Lease components and non-lease components are accounted for as a single lease component. As of September 30, 2023, the Company had $12.9 million and $14.1 million recognized as a right-of-use asset and lease liability, respectively, which are presented on the consolidated balance sheets within other assets and accrued expenses and other liabilities, respectively. As of December 31, 2022, the Company had $15.6 million and $16.4 million recognized as a right-of-use asset and lease liability, respectively. Operating lease expense for the three and nine months ended September 30, 2023 was $0.9 million and $2.8 million, respectively, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2022 operating lease expense was $0.5 million and $1.6 million, respectively. Future minimum payments under the noncancelable operating leases in effect at September 30, 2023 were as follows (dollars in thousands) : 2023 $ 1,042 2024 3,481 2025 2,582 2026 2,332 2027 2,101 Thereafter 4,737 Total lease payments 16,275 Less: Discount (2,217) Present value of lease liabilities $ 14,058

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company continues to pay for certain costs on behalf of Landsea Holdings. The Company records a due from affiliate balance for all such payments. As of September 30, 2023 and December 31, 2022, the Company had a net receivable due from affiliates balance of $3.4 million and $2.9 million, respectively. In August 2023, the Company repurchased from the underwriters, at the public offering price of $9.75 per share, 800,000 shares of common stock that were sold by Green Investment Alpha Limited, a beneficial owner of the Company, in a registered secondary offering, for a total purchase price of $7.8 million. Green Investment Alpha Limited no longer qualifies as a related party upon the completion of the sale. In June 2023, the Company repurchased from the underwriters, at the public offering price of $7.50 per share, 443,478 shares of common stock that were sold by Landsea Holdings, the Company’s majority stockholder, in a registered secondary offering, for a total purchase price of $3.3 million. In June 2022, the Company entered into two transactions with Landsea Holdings. On June 1, 2022, the Board of Directors authorized the Company to repurchase 4.4 million shares of common stock held by Landsea Holdings. The Company paid $30.0 million at a price of $6.82 per share, a discount of 5% compared to the closing price on May 31, 2022 of $7.18. Additionally, the Company repurchased all 5.5 million outstanding Private Placement Warrants, of which Landsea Holdings held 2.2 million. The Company paid Landsea Holdings $6.6 million at $3.00 per Private Placement Warrant. In addition, 2.8 million of the repurchased Private Placement Warrants were held by Level Field Capital, LLC, a related party that is controlled by a member of the Company’s Board of Directors. The Company paid Level Field Capital, LLC $8.4 million at $3.00 per Private Placement Warrant. The Company’s common stock and Warrants are discussed further in Note 14 – Stockholders’ Equity . In June 2022, Landsea Capital Fund, who is under common control with the Company, contributed $55.0 million to the LCF JV. The LCF JV, which is consolidated by the Company, used these proceeds to purchase undeveloped land from the Company. The Company distributed $6.7 million and $8.6 million to Landsea Capital Fund during the three and nine months ended September 30, 2023, respectively. All intercompany transactions between the Company and the LCF JV have been eliminated upon consolidation. In December 2021, the Company sold model homes to a related party for total consideration of $15.2 million. Construction of certain of these model homes was not complete at the time of sale. The Company recognized lot sales and other revenue of $1.2 million during the nine months ended September 30, 2022 related to the model homes still under construction on the sale date. Corresponding lot and other cost of sales of $1.3 million was also recognized during the same period. No additional revenue or cost of sales related to this transaction were recognized during the three months ended September 30, 2022. The Company did not recognize any revenue or other cost of sales related to these model homes during the three and nine months ended September 30, 2023. As part of this transaction, the Company leased back these models. The total amount of rent payments made during the three and nine months ended September 30, 2023 is $0.2 million and $0.6 million, respectively. The total amount of rent payments made during the three and nine months ended September 30, 2022 is $0.2 million and $0.6 million, respectively. The right-of-use asset and lease liability balances associated with these leases is $0.7 million and $0.7 million, respectively, as of September 30, 2023 and $1.3 million and $1.3 million, respectively, as of December 31, 2022. In July 2021, the Company entered into a landbank agreement for a project in its California segment with a related party. The Company will make regular payments to the related party based on an annualized rate of 7% of the undeveloped land costs while the land is developed and may purchase, at the Company’s discretion, the lots at a predetermined price of $28.9 million. The total amount of interest payments made during the three and nine months ended September 30, 2023 is $0.1 million and $0.5 million, respectively. The total amount of interest payments made during the three and nine months ended September 30, 2022 is $0.2 million and $0.8 million, respectively. During the three and nine months ended September 30, 2023, payments of $3.0 million and $7.0 million, including fees, have been made to purchase developed lots from the related party, respectively. During the three and nine months ended September 30, 2022, payments of $1.7 million and $7.9 million, including fees, were made to purchase developed lots from the related party, respectively. Capitalized interest included in real estate inventories on the consolidated balance sheets associated with this transaction was $0.9 million and $0.8 million as of September 30, 2023 and December 31, 2022, respectively. Previously capitalized related party interest included in cost of sales during the three and nine months ended September 30, 2023 was $0.4 million and $0.8 million, respectively. There was no previously capitalized related party interest included in cost of sales during the three and nine months ended September 30, 2022. Landsea Holdings holds a series of notes payable to affiliated entities of its parent. The cash Landsea Holdings received from this debt was previously utilized to partially fund operations of the Company. Related party interest incurred by Landsea Holdings was historically pushed down to the Company and reflected on the consolidated balance sheets of the Company, primarily in real estate inventories, and on the consolidated statements of operations in cost of sales. Refer to Note 5 – Capitalized Interest for further detail. As the Company did not guarantee the notes payable nor have any obligations to repay the notes payable, and as the notes payable were not assigned to the Company, the notes payable do not represent a liability of the Company and accordingly have not been reflected in the consolidated balance sheets. Additionally, in connection with the Merger (as defined below), the Company is precluded from repaying Landsea Holdings ’ notes payable to the affiliated entities of its parent. Therefore, beginning January 7, 2021, additional interest from these notes payable is no longer pushed do wn to the Company. Capitalized interest included in real estate inventories on the consolidated balance sheets associated with this transaction was $0.6 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively. Previously capitalized related party interest included in cost of sales during the three and nine months ended September 30, 2023 was $0.3 million and $1.6 million, respectively. Previously capitalized related party interest included in cost of sales during the three and nine months ended September 30, 2022 was $0.7 million and $3.8 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Th e effective tax rate of the Company was 24.4% and 24.5% for the three and nine months ended September 30, 2023, respectively, and 15.9% and 26.2% for the three and nine months ended September 30, 2022, respectively. The difference between the statutory tax rate and the effective tax rate for the nine months ended September 30, 2023 is primarily related to state income taxes net of federal income tax benefits, estimated deduction limitations for executive compensation under Section 162(m), and tax credits for energy-efficient homes. The difference between the statutory tax rate and the effective tax rate for the nine months ended September 30, 2022 is primarily related to state income taxes net of federal income tax benefits, estimated deduction limitations for executive compensation, warrant fair market value adjustments, and tax credits for energy-efficient homes. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets. The Inflation Reduction Act (“IRA”) of 2022 was enacted into law on August 16, 2022. The IRA introduced a 15% corporate alternative minimum tax on average annual adjusted financial statement income for applicable corporations, and a 1% excise tax on stock repurchases made by publicly traded US corporations after December 31, 2022. The IRA also retroactively extended the federal tax credit for building new energy-efficient homes for homes delivered from January 1, 2022 through December 31, 2032.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company is engaged in the acquisition, development, and sale of homes and lots in multiple states across the country. The Company is managed by geographic location and each of the five geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers. Management of the five geographic regions report to the Company’s chief operating decision makers (“CODMs”), the Chief Executive Officer and Chief Operating Officer of the Company. The CODMs review the results of operations, including total revenue and pretax income to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following five reportable segments: • Arizona • California • Florida • Metro New York • Texas The Company has also identified its Corporate operations as a non-operating segment, as it serves to support the homebuilding operations through functional departments such as executive, finance, treasury, human resources, accounting, and legal. The majority of Corporate personnel and resources are primarily dedicated to activities relating to operations and are allocated based on each segment’s respective percentage of assets, revenue, and dedicated personnel. The following table summarizes total revenue and pretax income by segment: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Revenue Arizona $ 69,308 $ 76,808 $ 215,000 $ 234,927 California 103,982 118,977 270,756 343,466 Florida 104,058 103,564 320,740 320,358 Metro New York — 28,132 1,649 95,758 Texas — 8,104 4,187 25,982 Total revenues $ 277,348 $ 335,585 $ 812,332 $ 1,020,491 Pretax income (loss) Arizona $ 5,253 $ 6,046 $ 4,826 $ 17,653 California 9,795 20,059 17,184 68,085 Florida 4,378 4,172 23,993 8,028 Metro New York (917) (810) (1,818) 646 Texas (1,383) (215) (4,144) (93) Corporate (4,577) (3,950) (14,246) (27,663) Total pretax income $ 12,549 $ 25,302 $ 25,795 $ 66,656 The following table summarizes total assets by segment: September 30, 2023 December 31, 2022 (dollars in thousands) Assets Arizona $ 346,411 $ 357,788 California 545,670 513,549 Florida 432,565 422,045 Metro New York 42,249 45,277 Texas 54,669 26,923 Corporate 55,523 74,914 Total assets $ 1,477,087 $ 1,440,496 Included in the Corporate segment assets is cash and cash equivalents of $21.3 million and $40.3 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value 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 the 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. The following table presents carrying values and estimated fair values of financial instruments: September 30, 2023 December 31, 2022 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Line of credit facility (1) Level 2 $ 325,000 $ 325,000 $ 514,300 $ 514,300 Senior notes (2) Level 2 $ 250,000 $ 242,500 $ — $ — (1) Carrying amount approximates fair value due to the variable interest rate terms of these loans. Carrying value excludes any associated discounts or deferred loan costs. (2) Carrying amount, net of discount, approximates fair value due to the recency of the debt issuance. Carrying value excludes any associated discounts or deferred loan costs. The carrying values of receivables, deposits, and other assets as well as accounts payable and accrued liabilities approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics, market data, and because of the short period of time between origination of the instruments and their expected realization. The fair value of cash and cash equivalents is classified in Level 1 of the fair value hierarchy. Non-financial assets such as real estate inventories and goodwill are measured at fair value on a non-recurring basis using a discounted cash flow approach with Level 3 inputs within the fair value hierarchy. This measurement is performed when events and circumstances indicate the asset’s carrying value is not fully recoverable. During the nine months ended September 30, 2023, we determined that real estate inventories with a carrying value of $24.1 million within one community in our California segment was not expected to be fully recoverable. Accordingly, we recognized real estate inventories impairment charges of an aggregate $4.7 million to reflect the estimated fair value of the community of $19.4 million. No additional impairments were recorded during the three months ended September 30, 2023. The Company determined that none of the real estate inventories or goodwill required impairment during the three and nine months ended September 30, 2022. Refer to Note 4 – Real Estate Inventories for additional information. Prior to being purchased by the Company in June 2022, the Private Placement Warrants were historically measured at fair value on a recurring basis using a Black-Scholes option pricing model. The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented: Nine Months Ended September 30, 2023 2022 Warrant liability (dollars in thousands) Beginning balance $ — $ 9,185 Changes in fair value — 7,315 Repurchases of warrants — (16,500) Ending balance $ — $ —

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the nine months ended September 30, 2023: Awards Weighted Average Grant Date Fair Value (in thousands) Nonvested, at December 31, 2022 1,625 $ 8.82 Granted 298 8.28 Vested (375) 8.68 Forfeited — — Nonvested, at September 30, 2023 1,548 $ 8.75 The following table presents a summary of the Company’s stock options activity for the nine months ended September 30, 2023: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Options outstanding at December 31, 2022 684 $ 8.82 Granted 228 6.46 Exercised (4) 8.83 Forfeited (205) 8.73 Options outstanding at September 30, 2023 703 $ 8.09 8.75 $ 636 Options exercisable at September 30, 2023 163 $ 8.82 8.36 $ 28 Stock-based compensation expense totaled $0.9 million and $2.2 million during the three and nine months ended September 30, 2023, respectively, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2022, stock-based compensation expense was $0.9 million and $2.8 million, respectively. The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement (in thousands, except years): September 30, 2023 (in thousands, except period) Unvested units 1,548 Remaining cost on unvested units $ 2,995 Remaining vesting period 3.25 years Stock-based compensation expense associated with the outstanding RSUs and PSUs is measured using the grant date fair value. The expense associated with the PSUs also incorporates the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company’s authorized capital stock consists of 500.0 million shares of common stock with a par value of $0.0001 per share, and 50.0 million shares of preferred stock with a par value of $0.0001 per share. As of September 30, 2023, there were 41.4 million shares of common stock issued and 37.8 million outstanding, and no shares of preferred stock issued or outstanding. All outstanding shares of common stock are validly issued, fully paid and nonassessable. Stock Repurchases In January 2022, the Board of Directors authorized a stock repurchase program. The program allowed for the repurchase of up to $10.0 million worth of common stock, inclusive of associated fees. The authorization to effect stock repurchases expired on June 30, 2022, with no remaining capacity to repurchase common stock. In April 2022, the Board of Directors authorized an extension of the stock repurchase program for the repurchase of an additional $10.0 million of capacity to repurchase common stock, with an expiration of December 31, 2022. In June 2022, the Board of Directors authorized a repurchase of 4,398,826 shares of our common stock directly from the Company’s majority shareholder for $30.0 million, or a per-share price of $6.82 per share. During the nine months ended September 30, 2022, the Company repurchased 5,559,577 shares of common stock for a total of $40.0 million, which was recorded as a reduction to additional paid-in capital. A portion of these shares were repurchased directly from the Company’s majority shareholder. Refer to Note 9 – Related Party Transactions for additional information. No shares were repurchased during the three months ended September 30, 2022. As of September 30, 2022, the Company had approximately $10.0 million in remaining authorized capacity. In March 2023, the Board of Directors authorized a stock repurchase program allowing for the repurchase of up to $10.0 million worth of common stock, with an expiration of December 31, 2023. In July 2023, the Board of Directors authorized additional capacity of approximately $3.3 million, with an expiration date of December 31, 2023, and an additional $10.0 million with no stated expiration date. During the three and nine months ended September 30, 2023, the Company repurchased 1,391,867 and 2,360,736 shares of common stock for a total of $13.7 million and $21.2 million, respectively, which was recorded as a reduction to additional paid-in capital. A portion of these shares were repurchased directly from the Company’s majority shareholder. Refer to Note 9 – Related Party Transactions for additional information. As of September 30, 2023, the Company had approximately $2.1 million in remaining authorized capacity. In October 2023, subsequent to the period covered by this report, the Board of Directors authorized additional capacity of $20.0 million with no stated expiration date. The timing and amount of repurchases are based on a variety of factors such as the market price of the Company's common stock, corporate and contractual requirements, market and economic conditions, and legal requirements. The Inflation Reduction Act of 2022 included a 1% excise tax on stock repurchases, net of new stock issuances, beginning in 2023. The tax is expected to be paid annually and the Company accrues the tax during interim periods with the offset to additional paid-in capital on the consolidated balance sheet. Merger Transaction On August 31, 2020, Landsea Homes and Landsea Holdings entered into an Agreement and Plan of Merger (the “Merger Agreement”) with LF Capital Acquisition Corp. (“LF Capital”) and LFCA Merger Sub, Inc. (the “Merger Sub”), a direct, wholly-owned subsidiary of LF Capital. The Merger Agreement provided for, among other things, the merger of Merger Sub with and into Landsea Homes Incorporated (“LHI”), previously a wholly-owned subsidiary of Landsea Holdings, with LHI continuing as the surviving corporation (the “Merger”). On January 7, 2021 (the “Closing Date”), the Merger was consummated pursuant to the Merger Agreement (the “Closing”). The name of LF Capital was changed at that time to Landsea Homes Corporation. Upon closing of the Merger, Level Field Capital, LLC (the “Sponsor”) held 1.0 million shares that were subject to surrender and forfeiture for no consideration in the event the common stock did not reach certain thresholds during the 24-month period following the closing of the Merger (the “Earnout Shares”). The Sponsor transferred 0.5 million Earnout Shares to Landsea Holdings. In January 2023, the Company concluded that the threshold for the Earnout Shares was not met and therefore those shares were forfeited and cancelled. Additionally, the Sponsor transferred 2.2 million private placement warrants to Landsea Holdings (such private placement warrants, each exercisable to purchase one share of Common Stock at an exercise price of $11.50 per share, are referred to as the “Private Placement Warrants”, and together with the Company’s public warrants, are referred to as the “Warrants”). During the year ended December 31, 2022, the private placement warrants were repurchased by the Company and are no longer outstanding. Refer below for additional information. Warrants As of September 30, 2023, there were 15,525,000 outstanding Warrants consisting entirely of public warrants. At the time of the Merger, the Warrant Agreement was amended so that each public warrant is exercisable at $1.15 for one tenth of a share of common stock. As part of the amendment, each holder of the public warrants received $1.85 per warrant for a total of $28.7 million paid by the Company upon closing of the Merger. The Warrants will expire five years after the completion of the Merger or earlier upon redemption or liquidation. The Company may call the public warrants for redemption: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported closing price of the shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the public warrants for redemption, management will have the option to require all holders that wish to exercise the public warrants to do so on a “cashless basis,” as described in the Warrant Agreement. The exercise price and number of common shares issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuance of common shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants shares. Accordingly, the Warrants may expire worthless. In June 2022, the Company repurchased all 5.5 million outstanding Private Placement Warrants, which were exercisable at $11.50 into one share of common stock. The Company paid $16.5 million, or $3.00 per warrant, to repurchase all of the outstanding Private Placement Warrants. This amount included $6.6 million for the repurchase of 2.2 million of the Private Placement Warrants that were held by the Company’s majority shareholder, Landsea Holdings, and $8.4 million to Level Field Capital, LLC, a related party, for the repurchase of 2.8 million Private Placement Warrants. Refer to Note 9 – Related Party Transactions for additional information. The loss recognized on the repurchase of the Private Placement Warrants is recorded as loss on remeasurement of warrant liability on the Company’s consolidated statements of operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands, except share and per share amounts) Numerator Net income attributable to Landsea Homes Corporation $ 8,596 $ 19,970 $ 16,761 $ 47,970 Less: undistributed earnings allocated to participating shares — (487) — (1,094) Net income attributable to common stockholders $ 8,596 $ 19,483 $ 16,761 $ 46,876 Denominator Weighted average common shares outstanding - basic 38,336,100 40,935,152 39,402,507 43,768,269 Adjustment for weighted average participating shares outstanding — (1,000,000) — (1,000,000) Adjusted weighted average common shares outstanding under two class method - basic 38,336,100 39,935,152 39,402,507 42,768,269 Dilutive effect of warrants — — — — Dilutive effect of share-based awards 104,292 162,117 146,528 175,602 Adjusted weighted average common shares outstanding under two class method - diluted 38,440,392 40,097,269 39,549,035 42,943,871 Earnings per share Basic $ 0.22 $ 0.49 $ 0.43 $ 1.10 Diluted $ 0.22 $ 0.49 $ 0.42 $ 1.09

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information The following table presents certain supplemental cash flow information: Nine Months Ended September 30, 2023 2022 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 8,736 $ 32,454 Supplemental disclosures of non-cash investing and financing activities Change in right-of-use assets for new, modified, or terminated operating leases $ 338 $ 3,660

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn October 10, 2023, the Company expanded into the Colorado market by acquiring certain assets of Richfield Homes, LLC. The Company paid an aggregate cash purchase price of $22.5 million to acquire approximately 290 owned or controlled lots in the greater Denver, Colorado area, including any construction in progress on those lots.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Landsea Homes Corporation	$ 8,596	$ 19,970	$ 16,761	$ 47,970

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Company and Summary of Signif_2

Company and Summary of Significant Account Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and all subsidiaries, partnerships, and other entities in which the Company has a controlling interest as well as variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary. The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for under the equity method. All intercompany transactions and balances have been eliminated in consolidation.
Principles of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 9, 2023. The accompanying unaudited consolidated financial statements include all adjustments, consisting of normal recurring entries, necessary for a fair presentation of the Company’s results for the interim periods presented. Results for the interim periods are not necessarily indicative of the results to be expected for the full year due to seasonal variations and other factors.
Use of Estimates	Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of ASU 2020-04. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of the reference rate reform guidance to December 31, 2024. The guidance in ASU 2020-04 may be elected over time, through December 31, 2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In June 2022, the Company modified its credit facility to use the Secured Overnight Financing Rate (“SOFR”) as a reference rate rather than LIBOR. The Company elected to apply this guidance which preserves the presentation of the loan consistent with the presentation prior to the modification. In October 2021, the FASB issued ASU 2021-08, which requires application of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , to recognize and measure contract assets and liabilities from contracts with customers acquired in a business combination. ASU 2021-08 creates an exception to the general recognition and measurement principle in ASC 805, Business Combinations , and will result in recognition of contract assets and contract liabilities consistent with those recorded by the acquiree immediately before the acquisition date. The standard is effective for fiscal years beginning after December 15, 2022, early adoption was permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. In March 2023, the FASB issued ASU 2023-01, which amends the application of ASU 2016-02, Leases (Topic 842), related to leases with entities under common control, also referred to as common control leases. The amendments to this update require an entity to consider the useful life of leasehold improvements associated with common control leases from the perspective of the common control group and amortize the leasehold improvements over the useful life of the assets to the common control group, instead of the term of the lease. Any remaining value for the leasehold improvement at the end of the lease would be adjusted through equity. The standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a summary of the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands) . Assets Acquired Cash $ 3,857 Real estate inventories 232,071 Goodwill 44,182 Trade name 1,590 Other assets 378 Total assets $ 282,078 Liabilities Assumed Accounts payable $ 6,329 Accrued expenses 13,165 Total liabilities 19,494 Net assets acquired $ 262,584
Schedule of Business Acquisition, Pro Forma Information	Unaudited pro forma net income adjusts the operating result of Hanover to reflect the additional costs that would have been recorded assuming the fair value adjustments had been applied as of the beginning of the year preceding the year of acquisition including the tax-effected amortization of the acquired trade name and transaction related costs. Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 (dollars in thousands) Revenue $ 335,585 $ 1,025,600 Pretax income 34,994 103,890 Provision for income taxes 4,823 27,213 Net income $ 30,171 $ 76,677

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table summarizes the carrying amount and classification of the VIEs’ assets and liabilities in the consolidated balance sheets as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 (dollars in thousands) Cash $ 4,407 $ 4,697 Real estate inventories 90,682 99,699 Due from affiliates 719 329 Other assets 2,104 2,124 Total assets $ 97,912 $ 106,849 Accounts payable $ 288 $ 1,577 Accrued expenses and other liabilities 4,950 5,616 Total liabilities $ 5,238 $ 7,193

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate Inventories [Abstract]
Schedule of Real Estate Inventories	Real estate inventories are summarized as follows: September 30, 2023 December 31, 2022 (dollars in thousands) Deposits and pre-acquisition costs $ 101,429 $ 101,395 Land held and land under development 280,755 191,047 Homes completed or under construction 720,265 779,352 Model homes 53,212 21,575 Total real estate inventories $ 1,155,661 $ 1,093,369
Schedule of Fair Value of Impaired Inventory	The table below provides quantitative data for Level 3 inputs, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Projects Impaired Real Estate Inventories Impairment Fair Value of Inventory After Impairment Discount Rate (dollars in thousands) June 30, 2023 1 $ 4,700 $ 19,363 11 % Total $ 4,700

Notes and Other Debts Payable_2

Notes and Other Debts Payable, net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Amounts outstanding under notes and other debts payable, net consist of the following: September 30, 2023 December 31, 2022 (dollars in thousands) Line of credit facility $ 325,000 $ 514,300 Deferred loan costs (7,990) (8,878) Line of credit facility, net $ 317,010 $ 505,422 September 30, 2023 December 31, 2022 (dollars in thousands) Senior notes $ 250,000 $ — Discount and deferred loan costs (14,617) — Senior notes, net $ 235,383 $ —

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Beginning warranty accrual $ 46,227 $ 18,010 $ 46,657 $ 15,692 Warranty provision 2,988 1,359 5,162 4,602 Warranty payments (3,547) (1,118) (6,151) (2,043) Ending warranty accrual $ 45,668 $ 18,251 $ 45,668 $ 18,251
Schedule of Operating Lease Maturity	Future minimum payments under the noncancelable operating leases in effect at September 30, 2023 were as follows (dollars in thousands) : 2023 $ 1,042 2024 3,481 2025 2,582 2026 2,332 2027 2,101 Thereafter 4,737 Total lease payments 16,275 Less: Discount (2,217) Present value of lease liabilities $ 14,058

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes total revenue and pretax income by segment: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Revenue Arizona $ 69,308 $ 76,808 $ 215,000 $ 234,927 California 103,982 118,977 270,756 343,466 Florida 104,058 103,564 320,740 320,358 Metro New York — 28,132 1,649 95,758 Texas — 8,104 4,187 25,982 Total revenues $ 277,348 $ 335,585 $ 812,332 $ 1,020,491 Pretax income (loss) Arizona $ 5,253 $ 6,046 $ 4,826 $ 17,653 California 9,795 20,059 17,184 68,085 Florida 4,378 4,172 23,993 8,028 Metro New York (917) (810) (1,818) 646 Texas (1,383) (215) (4,144) (93) Corporate (4,577) (3,950) (14,246) (27,663) Total pretax income $ 12,549 $ 25,302 $ 25,795 $ 66,656
Schedule of Reconciliation of Assets from Segment to Consolidated	The following table summarizes total assets by segment: September 30, 2023 December 31, 2022 (dollars in thousands) Assets Arizona $ 346,411 $ 357,788 California 545,670 513,549 Florida 432,565 422,045 Metro New York 42,249 45,277 Texas 54,669 26,923 Corporate 55,523 74,914 Total assets $ 1,477,087 $ 1,440,496

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents carrying values and estimated fair values of financial instruments: September 30, 2023 December 31, 2022 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Line of credit facility (1) Level 2 $ 325,000 $ 325,000 $ 514,300 $ 514,300 Senior notes (2) Level 2 $ 250,000 $ 242,500 $ — $ — (1) Carrying amount approximates fair value due to the variable interest rate terms of these loans. Carrying value excludes any associated discounts or deferred loan costs. (2) Carrying amount, net of discount, approximates fair value due to the recency of the debt issuance. Carrying value excludes any associated discounts or deferred loan costs.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented: Nine Months Ended September 30, 2023 2022 Warrant liability (dollars in thousands) Beginning balance $ — $ 9,185 Changes in fair value — 7,315 Repurchases of warrants — (16,500) Ending balance $ — $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense	The following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the nine months ended September 30, 2023: Awards Weighted Average Grant Date Fair Value (in thousands) Nonvested, at December 31, 2022 1,625 $ 8.82 Granted 298 8.28 Vested (375) 8.68 Forfeited — — Nonvested, at September 30, 2023 1,548 $ 8.75
Schedule of Stock Option Activity	The following table presents a summary of the Company’s stock options activity for the nine months ended September 30, 2023: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Options outstanding at December 31, 2022 684 $ 8.82 Granted 228 6.46 Exercised (4) 8.83 Forfeited (205) 8.73 Options outstanding at September 30, 2023 703 $ 8.09 8.75 $ 636 Options exercisable at September 30, 2023 163 $ 8.82 8.36 $ 28
Schedule of Outstanding RSUs and PSUs	The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement (in thousands, except years): September 30, 2023 (in thousands, except period) Unvested units 1,548 Remaining cost on unvested units $ 2,995 Remaining vesting period 3.25 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands, except share and per share amounts) Numerator Net income attributable to Landsea Homes Corporation $ 8,596 $ 19,970 $ 16,761 $ 47,970 Less: undistributed earnings allocated to participating shares — (487) — (1,094) Net income attributable to common stockholders $ 8,596 $ 19,483 $ 16,761 $ 46,876 Denominator Weighted average common shares outstanding - basic 38,336,100 40,935,152 39,402,507 43,768,269 Adjustment for weighted average participating shares outstanding — (1,000,000) — (1,000,000) Adjusted weighted average common shares outstanding under two class method - basic 38,336,100 39,935,152 39,402,507 42,768,269 Dilutive effect of warrants — — — — Dilutive effect of share-based awards 104,292 162,117 146,528 175,602 Adjusted weighted average common shares outstanding under two class method - diluted 38,440,392 40,097,269 39,549,035 42,943,871 Earnings per share Basic $ 0.22 $ 0.49 $ 0.43 $ 1.10 Diluted $ 0.22 $ 0.49 $ 0.42 $ 1.09

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table presents certain supplemental cash flow information: Nine Months Ended September 30, 2023 2022 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 8,736 $ 32,454 Supplemental disclosures of non-cash investing and financing activities Change in right-of-use assets for new, modified, or terminated operating leases $ 338 $ 3,660

Company and Summary of Signif_3

Company and Summary of Significant Account Policies (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	5

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 18, 2022 USD ($) numberOfLot realEstate_Community	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 68,639	$ 68,639
Goodwill
Business Acquisition [Line Items]
Goodwill amortization period	15 years
Hanover
Business Acquisition [Line Items]
Percentage interests acquired	100%
Cash consideration	$ 262,600
Repayments of debt	69,300
Payment of land related deposits	$ 15,600
Number of communities | realEstate_Community	20
Number of lots | numberOfLot	3,800
Goodwill	$ 44,182
Transaction related costs		$ 100	$ 700
Hanover | Trade Names
Business Acquisition [Line Items]
Intangible assets acquired	$ 1,590
Useful life (in years)	1 year

Business Combinations - Schedul

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jan. 18, 2022
Assets Acquired
Goodwill	$ 68,639	$ 68,639
Hanover
Assets Acquired
Cash			$ 3,857
Real estate inventories			232,071
Goodwill			44,182
Other assets			378
Total assets			282,078
Liabilities Assumed
Accounts payable			6,329
Accrued expenses			13,165
Total liabilities			19,494
Net assets acquired			262,584
Hanover | Trade Names
Assets Acquired
Trade name			$ 1,590

Business Combinations - Sched_2

Business Combinations - Schedule of Business Acquisition, Pro Forma Information (Details) - Hanover and Vintage - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Revenue	$ 335,585	$ 1,025,600
Pretax income	34,994	103,890
Provision for income taxes	4,823	27,213
Net income	$ 30,171	$ 76,677

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2023 USD ($) project	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Cash	$ 133,491	$ 123,634
Real estate inventories	1,155,661	1,093,369
Due from affiliates	4,232	3,744
Total assets	1,477,087	1,440,496
Accounts payable	72,287	74,445
Accrued expenses and other liabilities	150,079	149,426
Total liabilities	$ 775,640	730,177
Variable Interest Entities
Variable Interest Entity [Line Items]
Number of VIE's | project	2
Cash	$ 4,407	4,697
Real estate inventories	90,682	99,699
Other assets	2,104	2,124
Total assets	97,912	106,849
Accounts payable	288	1,577
Accrued expenses and other liabilities	4,950	5,616
Total liabilities	$ 5,238	7,193
Variable Interest Entities | LCF Joint Venture
Variable Interest Entity [Line Items]
Number of VIE's | project	1
Variable Interest Entities | NEW YORK | 14th Ave JV
Variable Interest Entity [Line Items]
Number of VIE's | project	1
Variable Interest Entities | Related Party
Variable Interest Entity [Line Items]
Due from affiliates	$ 719	$ 329

Real Estate Inventories - Sched

Real Estate Inventories - Schedule of Real Estate Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate Inventories [Abstract]
Deposits and pre-acquisition costs	$ 101,429	$ 101,395
Land held and land under development	280,755	191,047
Homes completed or under construction	720,265	779,352
Model homes	53,212	21,575
Total real estate inventories	$ 1,155,661	$ 1,093,369

Real Estate Inventories - Narra

Real Estate Inventories - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate Inventories [Line Items]
Real estate inventories impairment	$ 0	$ 0	$ 4,700,000	$ 0

Real Estate Inventories - Sch_2

Real Estate Inventories - Schedule of Fair Value of Impaired Inventory (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($) numberOfProjectImpaired	Jun. 30, 2023 USD ($) numberOfProjectImpaired	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) numberOfProjectImpaired	Sep. 30, 2022 USD ($)
Real Estate Inventories [Line Items]
Real Estate Inventories Impairment	$ 0		$ 0	$ 4,700,000	$ 0
Level 3 | Real Estate
Real Estate Inventories [Line Items]
Number of Projects Impaired | numberOfProjectImpaired	1	1		1
Real Estate Inventories Impairment		$ 4,700,000		$ 4,700,000
Fair Value of Inventory After Impairment	$ 19,400,000	$ 19,363,000		$ 19,400,000
Measurement Input, Default Rate | Valuation Technique, Discounted Cash Flow | Level 3 | Real Estate
Real Estate Inventories [Line Items]
Discount Rate		0.11

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest costs capitalized adjustment	$ 14.4	$ 13.8	$ 37.6	$ 28.6
Interest expense, related party	$ 10	$ 10.2	$ 21.9	$ 31.3

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Contract assets	$ 6.3	$ 7.2
Remaining performance obligation, amount	3.7	11.6
Deferred revenue	$ 1	$ 0

Notes and Other Debts Payable_3

Notes and Other Debts Payable, net - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 325,000	$ 514,300
Deferred loan costs	(7,990)	(8,878)
Long-term debt, total	317,010	505,422
Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	250,000	0
Discount and deferred loan costs	(14,617)	0
Long-term debt, total	$ 235,383	$ 0

Notes and Other Debts Payable_4

Notes and Other Debts Payable, net - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Sep. 30, 2023	Jul. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Line of credit facility, outstanding		$ 505,422,000	$ 317,010,000
Line of credit facility | Credit Agreement
Debt Instrument [Line Items]
Credit agreement, current borrowing capacity		675,000,000	675,000,000		$ 585,000,000
Line of credit facility, outstanding			$ 325,000,000
Credit facility, maximum borrowing capacity	$ 850,000,000
Line of credit facility | Credit Agreement | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.35%
Line of credit facility | Credit Agreement | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Effective interest rate at period end			8.68%
Line of credit facility | Credit Agreement | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.85%
Paycheck Protection Program Notes
Debt Instrument [Line Items]
Payment for debt extinguishment		$ 2,500,000
Unsecured Debt | Note Purchase Agreement
Debt Instrument [Line Items]
Principal amount				$ 250,000,000
Interest rate, stated percentage				11%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Loss Contingencies [Line Items]
Weighted average remaining lease term (in years)	5 years 9 months 18 days			5 years 9 months 18 days		5 years 8 months 12 days
Weighted average rate (percent)	5.40%			5.40%		4.60%
Right-of-use asset	$ 12,900			$ 12,900		$ 15,600
Lease liabilities	14,058			14,058		16,400
Operating lease expense	$ 900	$ 500		$ 2,800	$ 1,600
Minimum
Loss Contingencies [Line Items]
Lease term (in years)	1 year			1 year
Maximum
Loss Contingencies [Line Items]
Lease term (in years)	8 years			8 years
Performance Guarantee
Loss Contingencies [Line Items]
Performance bonds outstanding	$ 101,200			$ 101,200		$ 114,900
Paycheck Protection Program Notes
Loss Contingencies [Line Items]
Proceeds from PPP loan			$ 14,900

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty accrual	$ 46,227	$ 18,010	$ 46,657	$ 15,692
Warranty provision	2,988	1,359	5,162	4,602
Warranty payments	(3,547)	(1,118)	(6,151)	(2,043)
Ending warranty accrual	$ 45,668	$ 18,251	$ 45,668	$ 18,251

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 1,042
2024	3,481
2025	2,582
2026	2,332
2027	2,101
Thereafter	4,737
Total lease payments	16,275
Less: Discount	(2,217)
Present value of lease liabilities	$ 14,058	$ 16,400

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended					3 Months Ended		9 Months Ended
	Aug. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) transaction $ / shares shares	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 01, 2022 shares	May 31, 2022 $ / shares	Jan. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Due from affiliates						$ 4,232,000		$ 4,232,000		$ 3,744,000
Revenue						277,348,000	$ 335,585,000	812,332,000	$ 1,020,491,000
Right-of-use asset						12,900,000		12,900,000		15,600,000
Lease liabilities						14,058,000		14,058,000		16,400,000
Interest expense, related party						10,000,000	10,200,000	21,900,000	31,300,000
Real estate inventories						1,155,661,000		1,155,661,000		1,093,369,000
California
Related Party Transaction [Line Items]
Revenue						103,982,000	118,977,000	270,756,000	343,466,000
Related party transaction, rate					7%
Private Placement Warrants | Landsea Holdings
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares			2,800,000
Green Investment Alpha Limited Share Repurchase Program
Related Party Transaction [Line Items]
Aggregate net proceeds from stock offering	$ 7,800,000
Green Investment Alpha Limited Share Repurchase Program | Public Stock Offering
Related Party Transaction [Line Items]
Shares sold in offering | shares	800,000
Green Investment Alpha Limited Share Repurchase Program | IPO
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares	$ 9.75
Landsea Holding Share Repurchase Program
Related Party Transaction [Line Items]
Aggregate net proceeds from stock offering		$ 3,300,000
Landsea Holding Share Repurchase Program | Public Stock Offering
Related Party Transaction [Line Items]
Shares sold in offering | shares		443,478
Landsea Holding Share Repurchase Program | IPO
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares		$ 7.50
Landsea Holding Share Repurchase Program | Landsea Holdings
Related Party Transaction [Line Items]
Number of transactions | transaction			2
Stock repurchase program, authorized (in shares) | shares											4,400,000
Stock repurchase program, authorized amount			$ 30,000,000
Stock consideration, share price (in dollars per share) | $ / shares			$ 6.82									$ 7.18
Discount rate			5%
Landsea Holding Share Repurchase Program | Private Placement Warrants
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares			5,500,000
Landsea Holding Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares			2,200,000
Stock repurchase program, authorized amount			$ 8,400,000
Stock consideration, share price (in dollars per share) | $ / shares			$ 3
Share Repurchase Program
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares			4,398,826
Stock repurchase program, authorized amount			$ 30,000,000										$ 10,000,000
Stock consideration, share price (in dollars per share) | $ / shares			$ 6.82
Share Repurchase Program | Private Placement Warrants
Related Party Transaction [Line Items]
Stock repurchase program, authorized amount			$ 16,500,000
Stock consideration, share price (in dollars per share) | $ / shares			$ 3
Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares			2,200,000
Stock repurchase program, authorized amount			$ 6,600,000
Share Repurchase Program | Private Placement Warrants | Landsea Holdings | Landsea Holdings
Related Party Transaction [Line Items]
Stock repurchase program, authorized amount			6,600,000
Equity Method Investee
Related Party Transaction [Line Items]
Due from affiliates						3,400,000		3,400,000		2,900,000
Landsea Capital Fund
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						6,700,000		8,600,000
Landsea Capital Fund | LCF JV
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 55,000,000
Related Party
Related Party Transaction [Line Items]
Revenue from related parties				$ 15,200,000
Interest expense, related party						400,000	0	800,000	0
Related Party | California
Related Party Transaction [Line Items]
Interest expense, related party						100,000	200,000	500,000	800,000
Developed lots purchased in the period						3,000,000		7,000,000
Related Party | Landsea Holdings
Related Party Transaction [Line Items]
Interest expense, related party						300,000	700,000	1,600,000	3,800,000
Affiliated Entity
Related Party Transaction [Line Items]
Payments for rent						200,000	200,000	600,000	600,000
Right-of-use asset						700,000		700,000		1,300,000
Lease liabilities						700,000		700,000		1,300,000
Real estate inventories						900,000		900,000		800,000
Affiliated Entity | California
Related Party Transaction [Line Items]
Developed lots purchased in the period							1,700,000		7,900,000
Affiliated Entity | California | Predetermined Land Purchase Price
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					$ 28,900,000
Affiliated Entity | Lot Sales and Other
Related Party Transaction [Line Items]
Cost of sales and expenses									1,300,000
Affiliated Entity | Lot Sales and Other | Sale and Lease Back of Model Homes
Related Party Transaction [Line Items]
Revenue						0	0	0	$ 1,200,000
Cost of sales and expenses						0	$ 0	0
Affiliated Entity | Landsea Holdings
Related Party Transaction [Line Items]
Real estate inventories						$ 600,000		$ 600,000		$ 2,200,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	24.40%	15.90%	24.50%	26.20%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of geographic regions | segment	5
Number of reportable segments | segment	5
Total assets	$ 1,477,087	$ 1,440,496
Goodwill	68,639	68,639
Corporate
Segment Reporting Information [Line Items]
Total assets	55,523	74,914
Corporate | Cash and Cash Equivalents
Segment Reporting Information [Line Items]
Total assets	21,300	40,300
Florida
Segment Reporting Information [Line Items]
Goodwill	$ 47,900
Arizona
Segment Reporting Information [Line Items]
Goodwill		$ 20,700

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 277,348	$ 335,585	$ 812,332	$ 1,020,491
Total pretax income	12,549	25,302	25,795	66,656
Corporate
Segment Reporting Information [Line Items]
Total pretax income	(4,577)	(3,950)	(14,246)	(27,663)
Arizona
Segment Reporting Information [Line Items]
Revenue	69,308	76,808	215,000	234,927
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	5,253	6,046	4,826	17,653
California
Segment Reporting Information [Line Items]
Revenue	103,982	118,977	270,756	343,466
California | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	9,795	20,059	17,184	68,085
Florida
Segment Reporting Information [Line Items]
Revenue	104,058	103,564	320,740	320,358
Florida | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	4,378	4,172	23,993	8,028
Metro New York
Segment Reporting Information [Line Items]
Revenue	0	28,132	1,649	95,758
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	(917)	(810)	(1,818)	646
Texas
Segment Reporting Information [Line Items]
Revenue	0	8,104	4,187	25,982
Texas | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	$ (1,383)	$ (215)	$ (4,144)	$ (93)

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 1,477,087	$ 1,440,496
Corporate
Segment Reporting Information [Line Items]
Total assets	55,523	74,914
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total assets	346,411	357,788
California | Operating Segments
Segment Reporting Information [Line Items]
Total assets	545,670	513,549
Florida | Operating Segments
Segment Reporting Information [Line Items]
Total assets	432,565	422,045
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total assets	42,249	45,277
Texas | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 54,669	$ 26,923

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value | Line of credit facility
Liabilities:
Long-term debt	$ 325,000	$ 514,300
Carrying Value | Senior notes
Liabilities:
Long-term debt	250,000	0
Fair Value | Level 2 | Line of credit facility
Liabilities:
Long-term debt	325,000	514,300
Fair Value | Level 2 | Senior notes
Liabilities:
Long-term debt	$ 242,500	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate inventories, carrying value				$ 24,100,000
Real estate inventories impairment	$ 0		$ 0	4,700,000	$ 0
Level 3 | Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate inventories impairment		$ 4,700,000		4,700,000
Fair Value of Inventory After Impairment	$ 19,400,000	$ 19,363,000		$ 19,400,000

Fair Value - Schedule of Fair_2

Fair Value - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Repurchases of warrants	$ 0	$ (16,500)
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	9,185
Changes in fair value	0	7,315
Ending balance	$ 0	$ 0

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Compensation Expense (Details) - Restricted Stock Units and Performance Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Awards
Nonvested, beginning of the year (in shares) | shares	1,625
Grants in period (in shares) | shares	298
Vested (in shares) | shares	(375)
Forfeited (in shares) | shares	0
Nonvested, End of the year (in shares) | shares	1,548
Weighted Average Grant Date Fair Value
Weighted average grand date fair value outstanding, beginning of the year (in dollars per share) | $ / shares	$ 8.82
Grant date fair value (in dollars per share) | $ / shares	8.28
Vested (in dollars per share) | $ / shares	8.68
Forfeited (in dollars per share) | $ / shares	0
Weighted average grand date fair value outstanding, End of the year (in dollars per share) | $ / shares	$ 8.75

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Option $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Options outstanding, beginning balance (in shares) | shares	684,000
Granted (in shares) | shares	228,000
Exercised (in shares) | shares	(4,000)
Forfeited (in shares) | shares	(205,000)
Options outstanding, ending balance (in shares) | shares	703,000	684,000
Options exercisable (in shares) | shares	163,000
Weighted Average Exercise Price per Share
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 8.82
Granted (in dollars per share) | $ / shares	6.46
Exercised (in dollars per share) | $ / shares	8.83
Forfeited (in dollars per share) | $ / shares	8.73
Weighted average exercise price, ending balance (in dollars per share) | $ / shares	8.09	$ 8.82
Options exercisable (in dollars per share) | $ / shares	$ 8.82
Weighted Average Remaining Contractual Term
Weighted average remaining contractual term	8 years 9 months
Options exercisable, Weighted average remaining contractual term	8 years 4 months 9 days
Aggregate Intrinsic Value
Aggregate intrinsic value | $	$ 636
Options exercisable | $	$ 28

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units and Performance Stock Units | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.9	$ 0.9	$ 2.2	$ 2.8

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Outstanding RSUs and PSUs (Details) - Restricted Stock Units and Performance Stock Units shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested units (in shares) | shares	1,548
Remaining cost on unvested units | $	$ 2,995
Remaining vesting period (in years)	3 years 3 months

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 07, 2021 $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) trading_day $ / shares shares	Sep. 30, 2022 USD ($) shares	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 01, 2022 shares	May 31, 2022 $ / shares	Apr. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000		500,000,000					500,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001					$ 0.0001
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000					50,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001					$ 0.0001
Common stock, shares issued (in shares)		41,382,453		41,382,453					42,110,794
Common stock, shares outstanding (in shares)		37,795,191		37,795,191					40,884,268
Preferred stock, shares issued (in shares)		0		0					0
Preferred stock, shares outstanding (in shares)		0		0					0
Repurchase of common stock and associated tax | $		$ 13,820		$ 21,352	$ 40,200
Warrants outstanding (in shares)		15,525,000		15,525,000
Payment for buyback of warrants | $				$ 0	16,500
Merger Agreement | Common Class A | Level Field Capital, LLC
Class of Stock [Line Items]
Equity interests still held (in shares)	1,000,000
Landsea Holdings | Merger Agreement | Earnout Shares | Level Field Capital, LLC
Class of Stock [Line Items]
Equity interests transferred (in shares)	500,000
Landsea Holdings | Merger Agreement | Private Placement Warrants | Level Field Capital, LLC
Class of Stock [Line Items]
Equity interests transferred (in shares)	2,200,000
Private Placement Warrants
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares	$ 11.50									$ 11.50
Number of shares per warrant (in shares)										1
Private Placement Warrants | Landsea Holdings
Class of Stock [Line Items]
Stock repurchase program, authorized (in shares)										2,800,000
Public Warrants
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares		$ 1.15		$ 1.15
Amendment distribution price per per warrant (in dollars per share) | $ / shares		$ 1.85		$ 1.85
Payment for buyback of warrants | $				$ 28,700
Warrants outstanding, term (in years)		5 years		5 years
Minimum conversion price, per warrant (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Written notice, period				30 days
Stock price trigger (in dollars per share) | $ / shares				$ 18
Threshold trading days | trading_day				20
Threshold consecutive trading days | trading_day				30
Number of shares per warrant (in shares)		0.1		0.1
Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $										$ 30,000				$ 10,000
Remaining authorized repurchase amount | $		$ 2,100	$ 10,000	$ 2,100	$ 10,000					$ 0
Repurchase of common stock (in shares)		1,391,867	0	2,360,736	5,559,577
Repurchase of common stock and associated tax | $		$ 13,700		$ 21,200	$ 40,000
Additional authorized repurchase amount | $							$ 3,300	$ 10,000					$ 10,000
Stock repurchase program, authorized (in shares)										4,398,826
Stock consideration, share price (in dollars per share) | $ / shares										$ 6.82
Additional authorized repurchase amount with no stated expiration date | $							$ 10,000
Share Repurchase Program | Subsequent Event
Class of Stock [Line Items]
Additional authorized repurchase amount with no stated expiration date | $						$ 20,000
Share Repurchase Program | Private Placement Warrants
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $										$ 16,500
Stock consideration, share price (in dollars per share) | $ / shares										$ 3
Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $										$ 6,600
Stock repurchase program, authorized (in shares)										2,200,000
Share Repurchase Program | Private Placement Warrants | Landsea Holdings | Landsea Holdings
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $										$ 6,600
Landsea Holding Share Repurchase Program | Landsea Holdings
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $										$ 30,000
Stock repurchase program, authorized (in shares)											4,400,000
Stock consideration, share price (in dollars per share) | $ / shares										$ 6.82		$ 7.18
Landsea Holding Share Repurchase Program | Private Placement Warrants
Class of Stock [Line Items]
Stock repurchase program, authorized (in shares)										5,500,000
Landsea Holding Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $										$ 8,400
Stock repurchase program, authorized (in shares)										2,200,000
Stock consideration, share price (in dollars per share) | $ / shares										$ 3

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income attributable to Landsea Homes Corporation	$ 8,596	$ 19,970	$ 16,761	$ 47,970
Less: undistributed earnings allocated to participating shares	0	(487)	0	(1,094)
Net income attributable to common stockholders	$ 8,596	$ 19,483	$ 16,761	$ 46,876
Denominator
Weighted average common shares outstanding - basic (in shares)	38,336,100	40,935,152	39,402,507	43,768,269
Adjustment for weighted average participating shares outstanding (in shares)	0	(1,000,000)	0	(1,000,000)
Adjusted weighted average common shares outstanding under two class method - basic (in shares)	38,336,100	39,935,152	39,402,507	42,768,269
Dilutive effect of warrants (in shares)	0	0	0	0
Dilutive effect of share-based awards (in shares)	104,292	162,117	146,528	175,602
Adjusted weighted average common shares outstanding under two class method - diluted (in shares)	38,440,392	40,097,269	39,549,035	42,943,871
Earnings per share
Basic (in dollars per share)	$ 0.22	$ 0.49	$ 0.43	$ 1.10
Diluted (in dollars per share)	$ 0.22	$ 0.49	$ 0.42	$ 1.09
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,000,000	1,600,000	2,200,000	1,600,000

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosures of cash flow information
Interest paid, net of amounts capitalized	$ 0	$ 0
Income taxes paid	8,736	32,454
Supplemental disclosures of non-cash investing and financing activities
Change in right-of-use assets for new, modified, or terminated operating leases	$ 338	$ 3,660

Subsequent Event (Details)

Subsequent Event (Details) - Richfield Homes Lots - Subsequent Event $ in Millions	Oct. 10, 2023 USD ($) lot
Subsequent Event [Line Items]
Payments to acquire productive assets | $	$ 22.5
Number of lots acquired | lot	290