| Summary of Lots Under Option |
The table below presents a summary of our lots under option at June 30, 2016 (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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4,989 |
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478,880 |
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69,466 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1)
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3,771 |
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204,837 |
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13,318 |
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Purchase contracts not recorded on balance sheet —refundable deposits, committed |
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1,275 |
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76,101 |
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3,039 |
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Total committed (on and off balance sheet) |
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10,035 |
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759,818 |
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85,823 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2)
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6,575 |
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326,909 |
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5,621 |
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Total lots under contract or option |
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16,610 |
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$ |
1,086,727 |
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$ |
91,444 |
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Total purchase and option contracts not recorded on balance sheet (3)
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16,610 |
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$ |
1,086,727 |
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$ |
91,444 |
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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 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 on our consolidated balance sheet in Deposits on real estate under option or contract as of June 30, 2016.
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