Example A seller sold his house for $400,000 because he needed to sell it quickly while similar houses in the neighborhood were selling for $415,000. What is the value of the property? What is its price? Example A developer buys a vacant lot and builds a house on it. He spends a total of $775,000 on the purchase price and construction costs. The developer then lists the improved property for sale ard a buyer agrees to pay $895,000 for it. - What is the cost of the property? - What is its price