| Summary of Lots Under Option |
The table below presents a summary of our lots under option at June 30, 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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4,202 |
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324,101 |
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43,139 |
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Purchase contracts — non-refundable deposits, committed (1)
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6,974 |
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354,503 |
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25,645 |
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Purchase and option contracts —refundable deposits, committed |
1,935 |
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68,966 |
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1,366 |
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Total committed |
13,176 |
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757,557 |
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71,648 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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9,323 |
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264,717 |
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4,600 |
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Total lots under contract or option |
22,499 |
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$ |
1,022,274 |
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$ |
76,248 |
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Total purchase and option contracts not recorded on balance sheet (3)
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22,434 |
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$ |
1,012,287 |
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$ |
74,750 |
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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 June 30, 2017.
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