| Summary of lots under option or contract |
The table below presents a summary of our lots under option or contract at September 30, 2014 (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 |
70 |
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$ |
4,999 |
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$ |
700 |
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Option contracts not recorded on balance sheet - non-refundable deposits, committed (1) |
5,891 |
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430,970 |
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55,422 |
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Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |
4,124 |
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241,093 |
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21,012 |
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Purchase contracts not recorded on balance sheet — refundable deposits, committed |
641 |
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25,434 |
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1,227 |
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Total committed (on and off balance sheet) |
10,726 |
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702,496 |
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78,361 |
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Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |
5,048 |
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163,581 |
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2,602 |
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Total lots under contract or option |
15,774 |
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$ |
866,077 |
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$ |
80,963 |
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Total option contracts not recorded on balance sheet (3) |
15,704 |
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$ |
861,078 |
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$ |
80,263 |
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(4 |
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(1) |
Deposits are generally non-refundable except if certain contractual conditions fail or certain contractual obligations 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 option 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 in our consolidated balance sheet in the line item Deposits on real estate under option or contract as of September 30, 2014.
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