| Land under contracts and real estate not owned |
The table below presents a summary of our lots under option at June 30, 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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6,706 |
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537,038 |
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73,925 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
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2,516 |
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125,952 |
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13,321 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
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907 |
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31,835 |
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748 |
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Total committed (on and off balance sheet) |
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10,129 |
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694,825 |
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87,994 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
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5,576 |
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281,864 |
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4,091 |
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Total lots under contract or option |
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15,705 |
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$ |
976,689 |
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$ |
92,085 |
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Total purchase and option contracts not recorded on balance sheet (3) |
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15,705 |
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$ |
976,689 |
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$ |
92,085 |
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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 June 30, 2015.
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