Jim,
Even though we have discussed it, I don't think there is anything such as an "informal" option, nor do I think the paper would report a lesser binding "letter of intent" as "securing the property" although, who knows?
In my mind, the most likely (and supported) glitch was the Realty Co. realizing that CBM wasn't going to write a check that day out of his own pocket. (Remember that in Dec. the article posted instructions for sending in the subscriptions already pledged. I know his subsribers were wealthy, but we don't know if he had collected any money in hand from them, do we? ) Maybe they had an agreement, gave CBM a month or so to get the money together (as is typical), and when he couldn't, they reopened the contract and decided to give him a formal option to extend his time frame.
I say this because the December article also states that the land hadn't been determined yet, so that isn't likely the reason. Besides, I think this group focuses too much on the architectural element. The mechanics of the land deal had to be more centered on price, terms, etc.
The other option is 1 - it was actually the first offer CBM made and that Alvord got CBM to the table and started to raise the prices (thus "providing we could get it reasonably") and it was from before October to After December that they started looking at the Sebonack Neck land and then finally consumated a deal.
Of course, we would have to assume that CBM at some point REDUCED his scope from 205 back to 120 acres, to allow Alvord to sell the lots or to stay in his land purchase budget. But, that is all speculation, too, before anyone mentions it!
I still doubt Mikes mystery third site, or CBM would have reported it, IMHO. All we know is that there is an erroneous article in October 2005 and/or it reported a deal much like the "Dewey Beats Truman" headline, and Google doesn't have records of page 29 where the retraction was printed!