| Summary of lots under option or contract |
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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 |
|
12 |
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|
$ |
289 |
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|
$ |
— |
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Option contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
|
3,673 |
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|
309,028 |
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|
31,369 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
|
2,335 |
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|
119,495 |
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|
17,435 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
|
766 |
|
|
21,001 |
|
|
625 |
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Total committed (on and off balance sheet) |
|
6,786 |
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|
449,813 |
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|
49,429 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
|
3,821 |
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|
105,407 |
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|
2,166 |
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Total lots under contract or option |
|
10,607 |
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|
$ |
555,220 |
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|
$ |
51,595 |
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Total option contracts not recorded on balance sheet (3) |
|
10,595 |
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$ |
554,931 |
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$ |
51,595 |
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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, 2013.
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