| Summary of Lots Under Option |
The table below presents a summary of our lots under option at September 30, 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 |
212 |
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$ |
36,562 |
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$ |
3,886 |
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Option contracts — non-refundable deposits, committed (1)
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4,105 |
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262,689 |
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27,569 |
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Purchase contracts — non-refundable deposits, committed (1)
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5,925 |
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191,356 |
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16,753 |
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Purchase and option contracts —refundable deposits, committed |
1,375 |
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71,916 |
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987 |
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Total committed |
11,617 |
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562,523 |
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49,195 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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15,041 |
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406,151 |
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4,584 |
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Total lots under contract or option |
26,658 |
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$ |
968,674 |
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$ |
53,779 |
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Total purchase and option contracts not recorded on balance sheet (3)
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26,446 |
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$ |
932,112 |
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$ |
49,893 |
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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 purchase or option contracts 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, 2018.
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