This property is on Hatchet Ranch, a beautiful part of Colorado. With out having the exact parcel number it's difficult to say what the listing agent is referring to. Most likely the $119,000 referrs to the last price the parcel sold for.
I have several pieces of property listed on Hatchet and Sikes Ranches, and we're see prices come down. Sellers once had plans to build or retire and now with the bad economy people are trying to get rid of there land.