Appraisal of Pack River lands Chelan County

[Letter of transmittal], pp. [i]-ii

Table 1 : fair market value by owner number and complaint number as of January 1, 1981, pp. iii-iv

Table of contents, pp. v-vi

List of exhibits, pp. vii-xi

Appraisal abstract, pp. xii-xvi

I. Definition of appraisal assignment, p. I-1

A. The context for appraisal, pp. I-1-I-5

B. Basic appraisal assumptions, p. I-8

1. Definition of date of appraisal, p. I-8

2. Definition of appraisal units, pp. I-9-I-29

C. Definition of value, p. I-29

D. Property rights appraised, pp. I-30-I-32

E. Highest and best use concept, pp. I-33-I-34

1. Wilderness and economic resource, pp. I-35-I-38

2. Valuation of intangible attributes, pp. I-38-I-40

3. Collective private markets for rare wilderness, pp. I-40-I-45

4. Substituting tangible facts of intangible qualities, pp. I-45-I-48

F. Wilderness defined, pp. I-48-I-51

G. Appraisal methodology, pp. I-52-A-2

II. Subject property - description, data base, and economic context, p. II-1

A. Introduction, pp. II-1-II-2

B. General elements of a data base, pp. II-2-II-5

C. Subject property data base, p. II-5

D. Data organization, pp. II-5-II-8

E. Data recording process, pp. II-8-II-10

F. Data sources, pp. II-10-II-15

G. Legal attributes, pp. II-15-II-20

H. Subject property linkages, pp. II-20-II-25

I. Dynamic attributes, pp. II-25-II-31

J. Environmental attributes, pp. II-32-II-39 ff.

K. The economic context, pp. II-44-II-55

L. Conclusion, pp. II-55-II-56

Pictures and maps

III. Determination of highest and best use, p. III-1

A. Introduction, p. III-1

B. Recreational lot potential, pp. III-1-III-8

C. Analysis of logging potential, pp. III-8-III-13

D. Combined timber and development values, pp. III-13-III-14

E. Wilderness as best use, pp. III-14-III-21

IV. Market comparison approach to value, p. IV-1

A. Basic methodology, pp. IV-1-IV-2

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

C. Basic data screens and initial data sweep, pp. IV-7-IV-11

D. Adjustment of comparable sale prices for externalities, pp. IV-11-IV-32

E. Establishing comparative wilderness scores for comparables, pp. IV-33-IV-42

F. Analysis of summary scores for comparables, pp. IV-42-IV-45

G. Establishing basis for market comparison, pp. IV-45-IV-50

H. A brief explanation of MKTCOMP system, pp. IV-50-IV-67

I. Market comparison price model no. 2, pp. IV-68-IV-73

J. Multiple regression applications to valuation of subject property, pp. IV-73-IV-76

K. Synthesis and reconciliation of market comparison value indicators, pp. IV-76-IV-79

L. Final value conclusion, pp. IV-80-IV-81

Certificate of appraisal, pp. IV-82-IV-101

Statement of limiting conditions, pp. IV-102-IV-105