| Summary of Lots Under Option |
The table below presents a summary of our lots under option at March 31, 2019 (dollars in thousands):
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Projected Number
of Lots
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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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$ |
— |
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$ |
— |
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Option contracts — non-refundable deposits, committed (1)
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3,620 |
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244,783 |
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27,493 |
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Purchase contracts — non-refundable deposits, committed (1)
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5,569 |
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198,841 |
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12,738 |
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Purchase and option contracts —refundable deposits, committed |
764 |
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30,325 |
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481 |
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Total committed |
9,953 |
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473,949 |
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40,712 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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9,567 |
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335,126 |
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4,115 |
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Total lots under contract or option |
19,520 |
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$ |
809,075 |
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$ |
44,827 |
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Total purchase and option contracts not recorded on balance sheet (3)
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19,520 |
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$ |
809,075 |
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$ |
44,827 |
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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 purchase or option contracts require us to purchase lots. |
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(4) |
Amount is reflected on our consolidated balance sheet in Deposits on real estate under option or contract as of March 31, 2019.
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