| Summary of Lots Under Option |
The table below presents a summary of our lots under option at March 31, 2016 (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)
|
|
5,655 |
|
|
543,886 |
|
|
73,559 |
|
|
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1)
|
|
2,896 |
|
|
176,528 |
|
|
7,615 |
|
|
Purchase contracts not recorded on balance sheet —refundable deposits, committed |
|
494 |
|
|
58,030 |
|
|
4,225 |
|
|
Total committed (on and off balance sheet) |
|
9,045 |
|
|
778,444 |
|
|
85,399 |
|
|
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2)
|
|
4,814 |
|
|
239,320 |
|
|
6,592 |
|
|
Total lots under contract or option |
|
13,859 |
|
|
$ |
1,017,764 |
|
|
$ |
91,991 |
|
|
Total purchase and option contracts not recorded on balance sheet (3)
|
|
13,859 |
|
|
$ |
1,017,764 |
|
|
$ |
91,991 |
|
(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 March 31, 2016.
|
|