| Summary of Lots Under Option |
The table below presents a summary of our lots under option at September 30, 2016 (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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$ |
— |
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Option contracts not recorded on balance sheet — non-refundable deposits, committed (1)
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4,395 |
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437,644 |
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63,645 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1)
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4,330 |
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266,086 |
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20,079 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
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820 |
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31,414 |
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1,855 |
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Total committed (on and off balance sheet) |
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9,545 |
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735,144 |
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85,579 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2)
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7,343 |
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361,238 |
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5,474 |
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Total lots under contract or option |
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16,888 |
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$ |
1,096,382 |
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$ |
91,053 |
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Total purchase and option contracts not recorded on balance sheet (3)
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16,888 |
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$ |
1,096,382 |
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$ |
91,053 |
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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 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, if any, none of our option agreements 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 September 30, 2016.
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