A word of advice, buy it now. The stock market has just returned to pre GW Bush levels so investors will be moving money around. My personal feeling is you'll see another $500/acre jump in prices if the market goes up like the Clinton years.
Anywhere really, I would love to get Something near newberry but we are not horribly picky, just love it up there and would love to set aside some land that we can enjoy and maybe one day put a cabin on. would need at least an acre, more is better, but I dunno what we can honestly afford.
Like most investors, I've enjoyed the past 13 months. The 33 months before that weren't so much fun. To say that the markets have returned to pre GWB records is not accurate. The market records for the 3 most commonly quoted indexes, The Dow, S&P500, & the Nasdaq were set early in Bill Clinton's 8th year(2000) in office. Since that time the Dow has slipped 9 1/2%, the S&P500 24%, and the Nasdaq a staggering 57%. The Russell 2000 has done much better, I'm unable to locate its level in early 2000 to make a comparision...maybe some else can.
Now will land prices take a jump ? Interest rates are still very, very low thanks to A. Greenspan, but are people going to invest in land or have many already made their moves in the housing, automobile, & land markets ? No one knows for sure. What is for sure is that since the end of the Depression, each new decade has seen higher land prices than the previous decade.
A reminder to those who have not yet made their payment for 2003 to their IRA....get your butt in gear.
L & O
Just to give you idea what land prices have been doing in the EUP. Don't carve these numbers in granite there are many exceptions higher and lower. This is for a typical 40 with remaining timber value.
Mid to late 80's $100-200 per acre
Mid to late 90's $400-500 per acre
'00 to '03 up to $1500 per acre
Land prices seem to stay at one level then jump $$$.
You'll find better prices on grown over AG land and where mature timber has been removed. ($500-$1000 per acre)
Higher prices when you have flowing water or lake front.
The price of property has increased greatly in the past several years due to the low interest rates. As the interest rates start climbing back up, the price of land will stabilize (or not increase as quickly).
One thing has never changed:
You won't be able to buy land as cheap in 10 years as you can today. This holds true whether you bought 50 years ago or whether you buy 50 years from now.
Land should never depreciate. One of the best investments you can ever make. The sooner you buy, the better deal you will get.
I procrastinated on a land purchase for years, but finally did it. I now look at it as one of the best things I've ever done.
Thats how my wife and I feel. We would love to find some land now, use it for the occasional camping trip etc, and then sometime way down the road maybe build a small cabin or something that we can retreat to. Love the UP, spent our honeymoon camping there as a matter of fact. Sometime in the next year i hope we will find a good piece and have the cash to do it!
you can get as much as you want for around 500 acre in the western up, west of lanse. my buddy owns 80 acres at a place called the silver river reserve. It is 3000 acres private land chunked into 10 acre parcels, all surrounded by state land.
Most realtors in Baraga are selling pieces, I do know one guy for sure named Brennan at Gateway Real Estate in Baraga has quite a few for sale.
Pretty rugged terrain, beautiful country, but typical west up hunting....not a ton of deer, but the ones you see are huge. I nailed a 10pt up there 3 years ago.....
nice area, but 8 -9 hours from GR or Detroit area..
land sure is takein a jump in the eastern upper growin over farm land is realy hard to find under 1500 acre i just bought 10 acres for 1695 a acre but it was what i wanted and hold a ton of deer and will hold more after i get it worked up and replanted in clover going to plant 5 acres this spring i have found a few large tracks of farm land 1100 a acre but have to buy over 40 acres to get that price and its just not in the deer country i plan to lease this peice to deer hunters i will advertise it when its ready
I can give you a second opinion of DCUPs land if you need it. Actually not the property just the surrounding area. Surrounded by public land and very remote to say the least. Good bear and bird area. Fair to good for deer.
I was sledding past it Friday and Saturday. You can't get to it without a sled this time of year. You had better have a set of snow shoes with you once you get there, if you don't have a powder special. The snow is way past your knees about crotch deep.
I'm a real-estate appraiser in the central U.P., with contacts in the surrounding counties. Our land prices really have not moved since 2001. In fact, some are having trouble selling at 2001 prices, but $1250 and acre for a GOOD 40, and slightly over a $1000 for 80+ is about right, with a good parcel. Sure, there are some over-priced parcels out there that someone occasionally pays cash for, but most sit for a while, and still maybe sitting waiting for a low-ball offer.
Better deals are out there for land with seasonal access. We had a block of 80's go around here for $65-75, with power, and it's not that uncommon to still find 40's in the low 30's with seasonal/no power access.
Last year our largest Real Estate office had their most sales ever. Still though, prices did not go up! But, like Luv2 said, they tend to go up quite a bit at a time, and maybe this year will be the year.
ive been hunting for land up there there are a few pieces that are on the river with trailor 39900.oo,one of the realestate companies in paridice and the newberry office have many listings don,t have of hand.i take rides up there and get ther listings out of there boxes.then go on line land in northern mi.I do have 14 pieces of land all are near a river,power and many acres of state land close by. these are all surveyed and are located in kalkaska,roscommon and grayling. they are near rapidriver,upper manistee river ,southbranch of au sable and the au sable mainstream. if interested in any of these i do land contracts with low money down.thanks mountainman
Look in the classifieds. we are selling 35 acres in ontanogan county. excellent deer and bear hunting. has a old water well on property as well a creek that runs through the property. mostly hard woods w/ some poplars. paved rd. access. also good for building. aprox. 15 mins. from porkey pine mountains and 10 mins. from state land. asking is $35,000 or best. leave an email if interested. [email protected]
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