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In Wheeler's 1998 report, he did not discuss why the market
in Sweet Grass County, especially along the Boulder River, was
not a "high-end development" market. In Wheeler's 1993 report,
he stated that rural land located along the Boulder River in the
area surrounding petitioner's property is "rarely exposed to the
market." He went on to state that the area surrounding
petitioner's property was "influenced by the recreational
amenities of the Boulder and Yellowstone Rivers and the Absaroka
and Beartooth Mountain ranges which are located directly south of
the subject." Finally, Wheeler stated: "Small-scale subdivision
has taken place along the Yellowstone and Boulder Rivers, and the
area is attracting national attention due to land purchases by
celebrities and investors who are buying smaller ranch retreats
in the area."
Given the limited amount of river frontage property in Sweet
Grass County and its apparent recreational attractiveness to
investors, petitioner's property certainly can be said to be in a
high-end development market as that term was used by Wheeler.
Accordingly, Wheeler's omission of recent comparable sales from
other high-end development markets is questionable.
Additionally, Wheeler stated in his 1998 report that if an
"Appraiser was analyzing a conservation easement on a property in
Jackson Hole [one of the high end development markets] * * *
easement encumbered sales in the direct area would be
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