| Summary of Lots Under Option |
The table below presents a summary of our lots under option at September 30, 2017 (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 |
242 |
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$ |
39,793 |
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$ |
4,025 |
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Option contracts — non-refundable deposits, committed (1)
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3,858 |
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283,709 |
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37,927 |
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Purchase contracts — non-refundable deposits, committed (1)
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6,610 |
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300,962 |
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24,255 |
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Purchase and option contracts —refundable deposits, committed |
560 |
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17,669 |
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902 |
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Total committed |
11,270 |
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642,133 |
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67,109 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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8,465 |
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232,952 |
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4,463 |
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Total lots under contract or option |
19,735 |
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$ |
875,085 |
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$ |
71,572 |
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Total purchase and option contracts not recorded on balance sheet (3)
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19,493 |
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$ |
835,292 |
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$ |
67,547 |
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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 on our consolidated balance sheet in Deposits on real estate under option or contract as of September 30, 2017.
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