Okay, thanks. Great quarter, guys.
Operator
Our next question is coming from Carl Reichardt of Wachovia. Your line is open.
Adam Ruter - Wachovia Securities
Good morning. It is Adam Ruter in for Carl. I was wondering if you could talk about, if you wanted to exclude any joint ventures or land funds and just talk about directly with Lennar’s capital, what kind of inventory investments you have made or you plan to make or can you talk about finished lots versus unfinished option lots and maybe talk about what the $58 million you said you spent during the quarter was on?
Stuart A. Miller
I will answer the first part and Bruce will come back and answer the second part. But as we look ahead right now and as we are looking in many of our divisions we think that the opportunities that are presenting themselves to grow organically and to look at next communities which are going to be almost exclusively with rolling options home site. There’s availability in most markets. We are not going to expand until we’ve achieved operational efficiency in each market but as we do we will look for those kinds of opportunity. We don’t see any reason to start taking any kind of land risk and we think that the cash outlay will be small.
Bruce E. Gross
Ten relative to the land that we did purchase during the quarter which is down very significantly, again, the $58 million is in areas where we are taking down home sites primarily to put immediately into production and it was diversified in different markets across the country so it wasn’t one transaction. We weren’t buying large land parcels. It’s through immediate use and construction in progress.
Adam Ruter - Wachovia Securities
And did you during the quarter tie up any new option parcels? Excluding JVs just kind of direct, one-armed investment in option deals.
Stuart A. Miller
The answer is yes, a couple but we won’t specify.
Adam Ruter - Wachovia Securities
Okay. Thank you.
Operator
Our next question is coming from Ivy Zelman of Zelman & Associates. Your line is open.
Ivy Zelman – Zelman & Associates
Thank you. Good morning. Great quarter, guys. So you are very pleased with the progress. I just want to understand when you said your starts were down, Bruce, I think you said 37%, of those starts how much of it is based on specs? Obviously, you did a great job of getting your spec down but you also closed 191% in your backlog so when we look at conversion of backlog going forward I am trying to sort of gauge and get an understanding of what we should be looking at going forward? And your spec strategy and conversion.
Bruce E. Gross
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