Hunting Land Prices going up or down ??

[Beeg]

I am considering puchasing somewhere between 40 and 80 acres in northwestern lower michigan for hunting and getting ready to retire soemday and have a getaway place . Any thoughts to what land prices might do ? With the work situation and less money for leisure how do you think this might affect recreational land ? I know if you and I could accuratly answer this question we all would be very smart . Just your thoughts or gut feelings . Thank You !!

[luv2havemoartime]

I am in the same process as you and I am staying tight for now...more drops to come, or at the worst it is going to stay flat. I plan on getting real serious after deer season this year. Time to buy is when others are not buying...like after Thanksgiving weekend and sellers realize that stuff will sit until summer if they do not take an offer in the late fall/early winter.

[NATTY BUMPO]

I know that prices of all types of real estate, including some good hunting land has come down since the peak in probably 04-06. The economy and real estate picture in Michigan is among the worst in the country. So I'm sure that there are some deals to be had out there if you are careful about what and where you buy. Top flight waterfront property hasnt come down much in NW Lower however, as much of its in old money hands.

Most of the really prime hunting properties I know about up here have had alot of habitat work done on them already and are not for sale, at any price. And will not be for the forseeable future.

My two coppers.

Natty B.

[Alexx]

I think prices will be down until 2011. but it won't be much :)

[srconnell22]

I am considering puchasing somewhere between 40 and 80 acres in northwestern lower michigan for hunting and getting ready to retire soemday and have a getaway place . Any thoughts to what land prices might do ? With the work situation and less money for leisure how do you think this might affect recreational land ? I know if you and I could accuratly answer this question we all would be very smart . Just your thoughts or gut feelings . Thank You !!

Dont have to be very smart to see it...you're on the right track. Less people working = less money in their pockets = less money to pay for their "cottage" or "property" = lower prices.

Also, tighter credit markets = less money available for people to get qualified = lower prices.

The only issue with land, is you typically need 25% plus as a down payment in order to get a loan, of which is usually around 7-9% interest.

NW lower MI you could find some prime land for $1,500 - $2,000 per acre right now. A friend of mine just sold his 159 acres in Marion, MI for $1,500 per acre after being on the market for 2 years+ and including food plots, habitat work, trees planted, elevated blinds, pond dug, etc.. I haven't sat out there one time without seeing at least 30 deer.

List prices mean nothing is the best advice I can give you. Find out what land is actually SELLING for (NOT LISTED AT) and make your offer relative to that. If I were wanting land up there, I'd just make a bunch of offers around $1,400 per acre and see who bites (someone will).

[NATTY BUMPO]

There are farm credit companies that will do loans on vacant property- most banks wont nowadays.

Another way is to get a land contract back from the seller, for say five years or so. I know of a number of deals on hunting property that were done that way.

NB

[Beeg]

The realator I was talking to said you can get 5.4 % on a 10 year loan on recreational land thru Greestone. I am probably too tight to ever buy but since some deals might come along then I might . I was brought up to pay as I go and collect interest , not pay interest . The area I am looking at they have land "listed " at $2250 an acre for 80 acres and $2500 for 40 acres . Like srconnell22 said asking it getting it is different too. Here is the link to Greestone :http://www.greenstonefcs.com/tools/rates/CountryLivingLoan.aspx

[srconnell22]

The area I am looking at they have land "listed " at $2250 an acre for 80 acres and $2500 for 40 acres .

Another thing to remember, is alot of these deals nowadays the landowner has a certain number that they want. The realtor will typically list for a number above that which is his commission. For example, 300k is what landowner wants in order to sell, realtor lists for 360k to earn some cash. Even if the land sells for 340k the landowner gets his 300k and realtor walks with 40k and you think you got a deal saving 20k off "list price".

As far as I'm concerned, the "list prices" are still way out of line for what the land is actually selling for but I sure dont blame them for trying.

Another reason to lowball, lowball, lowball your offers.

[Luv2hunteup]

It should not really matter if it's going up or down right now. What matters is that there are choice properties hitting the market. You should be able to find your dream property not just a piece of land up north that is within your budget.

[Witness#11]

Wait til GM files bankruptcy. Then you will see some real deals. Saw a summer house down the street with good sized lot go from being listed at
$169,900 to $99,000 in 4 weeks. They were some sort of retiree living on stock accounts or 401 K's. House sold at $99,000 day it was listed at that.

Talk about bad times. More shuttered stores than I can recall in the lean times from '77 to '84. That was a bad, bad spell BUT this is worst.

[Beeg]

__________________
It should not really matter if it's going up or down right now. What matters is that there are choice properties hitting the market. You should be able to find your dream property not just a piece of land up north that is within your budget. I would not buy "just a piece of property" ,but who would be happy to spend $2200 an acre for land and a year from now see the same property next door go for $1200 an acre. I never made union wages in my life but I have spent many many 60 to 70 hour weeks working to get where I am at so I am a little "tight" with the green stuff.

[slowpoke]

I am considering puchasing somewhere between 40 and 80 acres in northwestern lower michigan for hunting and getting ready to retire soemday and have a getaway place . Any thoughts to what land prices might do ? With the work situation and less money for leisure how do you think this might affect recreational land ? I know if you and I could accuratly answer this question we all would be very smart . Just your thoughts or gut feelings . Thank You !!

Check out my land for sale. http://www.michigan-sportsman.com/forum/showthread.php?t=242317

[Fishndude]

[QUOTE=Witness#11;2695669]Wait til GM files bankruptcy. Then you will see some real deals. QUOTE]

:yeahthat::yeahthat:

It isn't really a matter if whether GM will file, or not; but WHEN they will file. And when they do, Michigan's economy is going to get a LOT worse. I think land will get cheaper in the next 12 months, but will hit bottom sometime in late 2010, and start creeping back up. Housing will rebound faster than vacant land. I am kind of half-looking for some nice land to buy. Not in a position to commit, right now; unless a GREAT deal comes along.

Slowpoke: I have looked at your ad more than I care to admit. GREAT deal, but not my ideal location. If I were interested in hunting, I would be all over that. I cannot believe it is still available. Sign of bad times.

[fozzy109]

Beware the "good deal" two old adages still apply even in this market.
1. If it's seems to good to be true it probably is.
2. You usually get what you pay for.
Best advice is to talk to a reputable realtor well versed in the hunting land market. There are quite a few who frequent this site and can help you in your search.

[Fishndude]

It's land, not a car, or something else which would come with a warranty. If you do your homework, which everyone should before purchasing land, you should come out alright. I recommend verifying mineral and water rights, taxes, right of ways, etc, before buying.

[farmlegend]

I expect there will be a lot of good deals down the road, depending upon what one is looking for.
I don't see the really high end stuff dropping too much, though; those parcels are usually owned by folks that don't need their "job" to earn a living and hence are not anxious to sell, and, as NBumpo remarked, they've invested so much into developing their shangri-las that they're just plain gonna keep 'em.

[NATTY BUMPO]

It's land, not a car, or something else which would come with a warranty. If you do your homework, which everyone should before purchasing land, you should come out alright. I recommend verifying mineral and water rights, taxes, right of ways, etc, before buying.

All good points made above. We looked at a lot of "junk" land ie. trashed, practically clearcut, formerly wooded acreage that many realtors called "good for hunting":dizzy: It wont be good for anything for another 100 years.;)

A word about mineral rights. A good friend bot a real nice hunting 40 acres in Antrim Co- prime turkey/deer woods. Grouse too. Great, right?? Built an absolutely beautiful log home back off the gravel road. Thought he'd found paradise.

One day soon thereafter, right out of the blue, a drilling rig shows up and starts drilling a test hole right next to their garage. His wife called him at work in an absolute panic. "You cant do that, get off our land" right??? Called the Sheriff, right??

Wrong. The land sold without the mineral rights attached, as is very common. The gas company puts in a well and shows up right next to their home at any hour of the day or night anytime they want. Put their road right through a prime bedding area. They see that well every day of their lives and are stuck with it forever.

Get the mineral rights to your land if you possibly can. We did.

NB

[gooseboy]

there have some super smokin deals in the Reed City area, 40 acres, house, free narural gas rights, with pole barn for 70,000...lots of repo's up this way in Osceola, Missaukee, Mecosta Counties....I am not a real estate agent, but could put you in touch with a couple that would really lok out for your best interest, not theres...

[Gstan]

All good points made above. We looked at a lot of "junk" land ie. trashed, practically clearcut, formerly wooded acreage that many realtors called "good for hunting":dizzy: It wont be good for anything for another 100 years.;)

A word about mineral rights. A good friend bot a real nice hunting 40 acres in Antrim Co- prime turkey/deer woods. Grouse too. Great, right?? Built an absolutely beautiful log home back off the gravel road. Thought he'd found paradise.

One day soon thereafter, right out of the blue, a drilling rig shows up and starts drilling a test hole right next to their garage. His wife called him at work in an absolute panic. "You cant do that, get off our land" right??? Called the Sheriff, right??

Wrong. The land sold without the mineral rights attached, as is very common. The gas company puts in a well and shows up right next to their home at any hour of the day or night anytime they want. Put their road right through a prime bedding area. They see that well every day of their lives and are stuck with it forever.

Get the mineral rights to your land if you possibly can. We did.

NB

I’m not a lawyer but I beg to differ. Mineral rights mean if there is something under your property that could be accessed by an off site method. Such as a well, gas or oil well on another piece of property. They have no right to drill on your land. I have bough three pieces of property and this is the legal advice I have received from an Attorney.

[November Sunrise]

I’m not a lawyer but I beg to differ. Mineral rights mean if there is something under your property that could be accessed by an off site method. Such as a well, gas or oil well on another piece of property. They have no right to drill on your land. I have bough three pieces of property and this is the legal advice I have received from an Attorney.

Your attorney gave you bad counsel. The owner or lessee of the mineral rights absolutely has the right to drill on your land.

http://www.michigan.gov/deq/0,1607,7-135-3311_4111_4231-204027--,00.html

[bucko12pt]

I’m not a lawyer but I beg to differ. Mineral rights mean if there is something under your property that could be accessed by an off site method. Such as a well, gas or oil well on another piece of property. They have no right to drill on your land. I have bough three pieces of property and this is the legal advice I have received from an Attorney.

In the case NB described it would appear the owner of the mineral right
leased those rights to a drilling company , in which case you cannot stop them from drilling.

Often times you can work with the drilling company as to where the well might go on your property, but you cannot stop them from drilling.

The drilling company must pay you for surface damages for the roads, wellsite, removal of timber etc.

[fliesonly-fontinalis]

Looking at the real estate sites on line, there are many properties 'reduced'. I'm sure that many others will follow. Something else I have noticed over the last 10 years is the amount of 'broker' owned properties that are listed. Plenty of realtors bought up lots of property over the good years and are trying to maintain those price levels. I won't go into what I think about land grabbing to bump prices.
Over the last couple of years, there are probably as many or more properties listed for sale by owner. I'd pick out an area, sacrifice some recreational time, and drive around looking at what is available. I'd rather pay the owner a fair price than a broker who tacks on an extra $1K per acre to protect their holdings.

[Groundsize]

I baught my 40 last september for under 2k an acre. A lot under and im in a prime deer hunting location.

It was not sold at an auction and the family needed to get rid of it and said if I gave them a decent offer then they would not have to put it on the market with a realtor!

Paul

[Red Arrow]

I baught my 40 last september for under 2k an acre. A lot under and im in a prime deer hunting location.

It was not sold at an auction and the family needed to get rid of it and said if I gave them a decent offer then they would not have to put it on the market with a realtor!

Paul



Hey Paul, What county did you buy in? Sounds like a pretty good price for LP.

[fozzy109]

So what's up with all the "realtor" bashing? May come as a surprise to some but there are some of us "realtors" who give a darn not only about making a dollar, but also about putting a hunter into a truly nice piece of land to create their own memories.
Heck there are even quite a few of us that actually own a bow and a muzzleloader and try to spend as much time in the woods as possible. However, if we're lucky, we get to spend more time helping folks like yourselves find your new hunting properties.
Next time you're looking for a nice chunk of property to chase whitetails and maybe put in a few food plots, give us a ring.

[Ol Mucky]

Beware the "good deal" two old adages still apply even in this market.
1. If it's seems to good to be true it probably is.
2. You usually get what you pay for.


You said it.
Yet its so difficult in this type of market to determine a fair or good deal. The set, concrete land prices 4-5 years ago are no more, but where are the numbers at now? Sure makes it tough.

[fozzy109]

My recent experience has been if you find a piece of land you like, make an offer. In times like these not all sellers are standing pat on their listed prices, and you never know till you try.

[jbierling]

I recommend verifying mineral and water rights

How exactly do you do this? Most people when you ask have no idea.

[heartsticker]

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