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How Are Real Estate Prices Determined?
Value can only be determined as the result of arm's-length negotiations between a willing buyer and a willing seller. Real estate supply and demand are cyclical and markets move between a "buyer's market" and a "seller's market". During a seller's market, it is difficult for buyers to negotiate much of a discount off of the property's list price. During a buyer's market, a significant discount may be negotiated depending on the particular seller's personal motivation and financial circumstances.
The price ranges provided below are an approximation based on properties available and sold. The characteristics of each property are unique and influence the "value" of the property. As a general rule, the further the distance from downtown Aspen, the more affordable the property. The exception are properties that are situated on large parcels of land in which case the land value constitutes a significant portion of the property's value.
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