| Summary of Lots Under Option |
The table below presents a summary of our lots under option at September 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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3,079 |
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190,430 |
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23,349 |
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Purchase contracts — non-refundable deposits, committed (1)
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8,247 |
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337,200 |
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18,513 |
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Purchase and option contracts —refundable deposits, committed |
1,361 |
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50,498 |
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1,660 |
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Total committed |
12,687 |
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578,128 |
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43,522 |
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Purchase and option contracts — refundable deposits, uncommitted (2)
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9,620 |
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378,528 |
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2,121 |
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Total lots under contract or option |
22,307 |
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$ |
956,656 |
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$ |
45,643 |
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Total purchase and option contracts not recorded on balance sheet (3)
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22,307 |
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$ |
956,656 |
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$ |
45,643 |
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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 September 30, 2019.
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