| Summary of lots under option or contract |
The table below presents a summary of our lots under option at December 31, 2014 (dollars in thousands):
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Projected Number
of Lots (unaudited)
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Purchase
Price
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Option/
Earnest Money
Deposits–Cash
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Purchase and option contracts recorded on balance sheet as Real estate not owned |
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70 |
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$ |
4,999 |
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$ |
700 |
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Option contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
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7,256 |
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589,229 |
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76,197 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
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2,665 |
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137,095 |
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13,888 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
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631 |
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23,361 |
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1,349 |
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Total committed (on and off balance sheet) |
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10,622 |
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754,684 |
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92,134 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
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4,462 |
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178,443 |
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3,555 |
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Total lots under contract or option |
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15,084 |
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$ |
933,127 |
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$ |
95,689 |
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Total option contracts not recorded on balance sheet (3) |
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15,014 |
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$ |
928,128 |
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$ |
94,989 |
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(4) |
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(1) |
Deposits are non-refundable except if certain contractual conditions are not performed by the selling party. |
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(2) |
Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots. |
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(3) |
Except for our specific performance contracts recorded on our balance sheet as Real estate not owned, none of our option agreements require us to purchase lots. |
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(4) |
Amount is reflected in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2014.
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