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Landmark Research, Inc. / Appraisal of Pack River lands: Chelan County, Washington as of January 1, 1981
(January 1, 1981)

B. Definition of acceptable arms-length transactions,   pp. IV-2-IV-7

Page IV-2

overcome  differences  in  both   size  and  quality  or 
suitability for the use presumed. 
This section  of  the  appraisal   details  the  procedures, 
properties,   and  final  valuation   benchmarks  developed  for 
valuation of the subject property in Clusters I-IV. 
B. Definition of Acceptable 
Arms-Lenath Transactions 
There  are  markets  where   each  purchase  represents  the 
effective  demand  of  a  single party at interest, such as the 
market  for  detached    single-family   homes   or   commercial 
facilities  purchased  for a single proprietorship. However the 
scale and increasing cost of real estate has led to increasing 
use   of   group  purchase  mechanisms   to  effect  the  market 
requirements of each member of the group, whether   it  be  real 
estate    syndications,     corporations,   municipal   economic 
development groups, or local and   national  conservancy  groups 
which  raise  money  to   buy, hold, or gift landmarks and open 
space to the public interest. 
As discussed in Section I, E.3.,   groups  like  the  Nature 
Conservancy  represent  customers in the market for wilderness. 
Since they are eligible to receive cash donations and donations 
of  land  as  tax-deductible  gifts, it has been argued by some 
that their acquisitions and transfers   to  government  are  not 
arms-length transactions. However, this appraiser has assumed, 

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