| Land under contracts and real estate not owned |
The table below presents a summary of our lots under option at September 30, 2015 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected Number
of Lots
|
|
Purchase
Price
|
|
Option/
Earnest Money
Deposits–Cash
|
|
|
Purchase and option contracts recorded on balance sheet as Real estate not owned |
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
Option contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
|
6,330 |
|
|
563,413 |
|
|
74,315 |
|
|
|
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
|
2,717 |
|
|
137,876 |
|
|
12,338 |
|
|
|
Purchase contracts not recorded on balance sheet —refundable deposits, committed |
|
1,010 |
|
|
34,607 |
|
|
1,227 |
|
|
|
Total committed (on and off balance sheet) |
|
10,057 |
|
|
735,896 |
|
|
87,880 |
|
|
|
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
|
4,213 |
|
|
223,364 |
|
|
3,646 |
|
|
|
Total lots under contract or option |
|
14,270 |
|
|
$ |
959,260 |
|
|
$ |
91,526 |
|
|
|
Total purchase and option contracts not recorded on balance sheet (3) |
|
14,270 |
|
|
$ |
959,260 |
|
|
$ |
91,526 |
|
|
(4) |
|
|
(1) |
Deposits are non-refundable except if certain contractual conditions are not performed by the selling party. |
|
|
(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. |
|
|
(3) |
Except for our specific performance contracts recorded on our balance sheet as Real estate not owned, if any, none of our option agreements require us to purchase lots. |
|
|
(4) |
Amount is reflected in our consolidated balance sheet in the line item Deposits on real estate under option or contract as of September 30, 2015.
|
|