| Summary of Lots Under Option |
The table below presents a summary of our lots under option at June 30, 2019 (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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Option contracts — non-refundable deposits, committed (1)
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3,385 |
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229,577 |
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25,388 |
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Purchase contracts — non-refundable deposits, committed (1)
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6,971 |
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277,899 |
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16,089 |
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Purchase and option contracts —refundable deposits, committed |
1,410 |
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63,085 |
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1,370 |
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Total committed |
11,766 |
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570,561 |
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42,847 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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10,213 |
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316,618 |
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3,473 |
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Total lots under contract or option |
21,979 |
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$ |
887,179 |
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$ |
46,320 |
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Total purchase and option contracts not recorded on balance sheet (3)
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21,979 |
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$ |
887,179 |
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$ |
46,320 |
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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 purchase or option contracts require us to purchase lots. |
(4)
Amount is reflected on our unaudited consolidated balance sheet in Deposits on real estate under option or contract as of June 30, 2019.
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