| Summary of Lots Under Option |
The table below presents a summary of our lots under option at December 31, 2015 (dollars in thousands):
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Projected Number
of Lots (unaudited)
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Purchase
Price
(unaudited)
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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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6,058 |
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581,635 |
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75,985 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
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2,011 |
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89,107 |
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|
7,004 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
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508 |
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16,423 |
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|
805 |
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Total committed (on and off balance sheet) |
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8,577 |
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687,165 |
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83,794 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
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4,331 |
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240,093 |
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4,045 |
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Total lots under contract or option |
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12,908 |
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$ |
927,258 |
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$ |
87,839 |
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Total option contracts not recorded on balance sheet (3) |
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12,908 |
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$ |
927,258 |
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$ |
87,839 |
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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 in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2015.
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