This is an extensive 75 page professional study from 2011 that surveyed a large number of sold local land transactions in Snohomish County, Washington. The pertinent information can be found in the first few pages. The purpose of the study was to determine the economic value to the Seller of unused and newly-transferable Certified county resource land development rights credits, as they are transferred from Sending to Receiving areas. The valuation method is to determine the loss of economic value that the Sending land will lose when its unused development rights, under the county's new Transfer of Development Rights program, are sold off. The theory is that land that you can't build a house on is worth less than land that you can build a house on. There's a difference in the market value between the two conditions and determining that is the goal of this expensive study. This file is no longer anywhere else on the Net, but it can be confirmed by the NGO that commissioned it, the Cascade Land Conservancy, now renamed Forterra. Bottom line, for 2010 values, the median loss of market value due to the sale of a "conservation easement" is $51,000. To put it simply, if the landowner sells their TDR credits for less, they'll lose money from the market value of their land than they will actually receive now. Since then, tracking recent local market appreciation (of 12%-!5%), they're now worth about $60,000. So, that is today's "breakeven" value. But, it's not a profit - it's the monetary value that the land will lose along with the right to develop it for residential uses. These credits are worth a lot more to the developer buyers who need them, however. During the transfer, one Sending credit becomes eight Receiving credits, and on land that's a lot more valuable. In today's hot Seattle area RE development market, a selling price of 3X the Seller's breakeven value per TDR credit is also a very good price for developers that significantly increases their profits and everybody wins. But, that's a different topic....