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emphasis on this factor in his estimation of the fair market
value of the MLR easement.
Regardless of the value attributable to development rights
associated with RRD property, Wheeler stated numerous times in
his 1998 report that the analysis of the MLR easement's fair
market value must focus on petitioner's bundle of rights. While
a primary right that petitioner may have given up was development
of her property, according to Wheeler, there were other factors
in addition to development which lowered the fair market value of
petitioner's property in the "after easement" analysis.
In estimating the fair market value of the conservation
easement, the parties focused on sales from Wheeler's 1998
report. Wheeler disclosed in this report that he "has analyzed
and is aware of several sales in Montana, Idaho and Wyoming which
involved the sale of conservation easement encumbered properties
which have not reflected discounts at the time of sale." He
stated further that "These easement properties are located in
high end development markets with very limited deeded land bases,
and in these areas large parcels are rarely exposed to the
market." At trial, Wheeler explained that "high end development"
means "an area that had high demand for rural development or
recreation use." In other words, Wheeler used that term in 1998
to describe properties which were "very popular" recreational
homesites.
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