| Summary of Lots Under Option |
The table below presents a summary of our lots under option at March 31, 2018 (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 |
228 |
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$ |
38,864 |
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$ |
3,886 |
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Option contracts — non-refundable deposits, committed (1)
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2,971 |
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217,204 |
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25,533 |
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Purchase contracts — non-refundable deposits, committed (1)
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6,475 |
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263,419 |
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24,194 |
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Purchase and option contracts —refundable deposits, committed |
318 |
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12,059 |
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734 |
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Total committed |
9,992 |
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531,546 |
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54,347 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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7,628 |
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193,388 |
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2,078 |
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Total lots under contract or option |
17,620 |
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$ |
724,934 |
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$ |
56,425 |
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Total purchase and option contracts not recorded on balance sheet (3)
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17,392 |
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$ |
686,070 |
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$ |
52,539 |
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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 March 31, 2018.
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