| Summary of lots under option or contract |
The table below presents a summary of our lots under option or contract at June 30, 2014 (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 |
70 |
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$ |
4,999 |
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$ |
700 |
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Option contracts not recorded on balance sheet - non-refundable deposits, committed (1) |
4,168 |
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363,242 |
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41,918 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
2,224 |
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128,122 |
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13,997 |
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Purchase contracts not recorded on balance sheet — refundable deposits, committed |
1,071 |
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38,342 |
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675 |
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Total committed (on and off balance sheet) |
7,533 |
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534,705 |
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57,290 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
3,455 |
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136,509 |
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2,291 |
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Total lots under contract or option |
10,988 |
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$ |
671,214 |
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$ |
59,581 |
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Total option contracts not recorded on balance sheet (3) |
10,918 |
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$ |
666,215 |
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$ |
58,881 |
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(4 |
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(1) |
Deposits are generally non-refundable except if certain contractual conditions fail or certain contractual obligations 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 option 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 in our consolidated balance sheet in the line item "Deposits on real estate under option or contract" as of June 30, 2014.
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