| Summary of Lots Under Option |
The table below presents a summary of our lots under option at June 30, 2018 (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 |
228 |
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$ |
38,864 |
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$ |
3,886 |
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Option contracts — non-refundable deposits, committed (1)
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2,907 |
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219,491 |
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26,432 |
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Purchase contracts — non-refundable deposits, committed (1)
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5,854 |
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229,643 |
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18,353 |
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Purchase and option contracts —refundable deposits, committed |
866 |
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33,091 |
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1,021 |
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Total committed |
9,855 |
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521,089 |
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49,692 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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10,728 |
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271,343 |
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3,074 |
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Total lots under contract or option |
20,583 |
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$ |
792,432 |
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$ |
52,766 |
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Total purchase and option contracts not recorded on balance sheet (3)
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20,355 |
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$ |
753,568 |
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$ |
48,880 |
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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 June 30, 2018.
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