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easements, has severely restricted the supply of such
lands. Thus the remaining owners can ask almost
whatever they want, with a likelihood of getting their
asking price. Even though a property cannot be
subdivided, it can serve as a country estate for the
well-to-do. * * * There is a portion of the buying
public who will acquire easement encumbered property
without a price discount even with restricted
subdivision and development opportunity. This is
especially so if the property supply is greatly
restricted. Sale [8] indicates no value loss due to
easement imposition.
Wheeler described the area surrounding the location of sale
8 (i.e., North Fork of the Flathead River) as a "high end
development" market. Additionally, Illi's appraisal described
sale 8 as a "superb country estate for recreational use" where
"all of the surrounding public land is undeveloped and will be
managed for wildlife and primitive style recreation uses."
Considering that the market in the North Fork area was similar to
the market surrounding petitioner's property, and that sale 8's
highest and best use was most likely as RRD property, sale 8 was
a valid comparable sale.
Additionally, Illi's rationale supporting the value assigned
to the easement in sale 8 seems to apply directly to petitioner's
property. The property is located in a market where the supply
of Boulder River property is severely restricted. Therefore, it
is probable that a portion of the buying public will not pay
less for petitioner's property even if it is encumbered by the
MLR easement.
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