| Summary of lots under option or contract |
The table below presents a summary of our lots under option at March 31, 2015 (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 |
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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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7,101 |
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581,670 |
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77,991 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
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2,646 |
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118,193 |
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10,560 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
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109 |
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4,611 |
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329 |
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Total committed (on and off balance sheet) |
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9,856 |
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704,474 |
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88,880 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
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4,119 |
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201,031 |
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3,042 |
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Total lots under contract or option |
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13,975 |
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$ |
905,505 |
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$ |
91,922 |
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Total option contracts not recorded on balance sheet (3) |
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13,975 |
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$ |
905,505 |
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$ |
91,922 |
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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, if any, 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 March 31, 2015.
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