| Summary of Lots Under Option |
The table below presents a summary of our lots under option at March 31, 2017 (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 |
65 |
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$ |
9,987 |
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$ |
1,498 |
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Option contracts — non-refundable deposits, committed (1)
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4,903 |
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386,834 |
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49,858 |
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Purchase contracts — non-refundable deposits, committed (1)
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5,336 |
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279,229 |
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21,795 |
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Purchase and option contracts —refundable deposits, committed |
1,173 |
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67,221 |
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2,663 |
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Total committed |
11,477 |
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743,271 |
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75,814 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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8,632 |
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280,234 |
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4,210 |
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Total lots under contract or option |
20,109 |
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$ |
1,023,505 |
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$ |
80,024 |
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Total purchase and option contracts not recorded on balance sheet (3)
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20,044 |
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$ |
1,013,518 |
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$ |
78,526 |
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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 on our consolidated balance sheet in Deposits on real estate under option or contract as of March 31, 2017.
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