Timber/mineral/river Tract

Norway, MI, 49870, United States

Property ID: #83409 // LAND
- ft²
2777.5 acres
- beds
- baths
  • Title
    Timber/mineral/river Tract
  • Address
    Timber/mineral/river Tract
  • City
    Norway
  • State
    MI
  • Zip
    49870
  • Country
    United States
  • Municipality
    Waucedah Township
  • County
    Dickinson
  • Property Type
    Land
  • Additional Types
    Other
  • Lot Size
    2777.5 Acres
  • Data Source
    Upper Peninsula Association of Realtors
  • Listing Link
  • MLS Number(s)
    1106187, 1106187, 1106187, 1106187, 1106187, 1106187
PROPERTY INFORMATION

INVESTMENT LAND in Northern Michigan with excellent recreation capabilities. Everything is in place and ready for excellent cash flow returns immediately. This Timber/Mineral/River Tract features 19 parcels, many contiguous blocks up to 1,184 acres, with 2,817.5 total acres and an estimated 42,050 feet of waterfront on the rivers and over 1,000 feet on Perch Lake. Most of the parcels have insurable and all year access. Many of the parcels have county road frontage with electric. There is timber value ready for harvest and the seller has begun to improve those logging roads and selectively harvest some of the holdings. That harvest can be continued by the new owner or the seller can halt the harvest with an accepted offer. The mineral potential is based upon a 10% share of the sellers rights and there is currently significant exploration underway on a portion of this portfolio due to recent findings. The exploration company has taken an option on this 944 acres and if exercised, the new buyer will receive compensation for that acreage in addition to the mineral rights. The land resale value has extensive upside and most of the parcels are ready to sell individually. There is unlimited recreation potential here as well. The river frontage features many rapids and small waterfalls along with the Sturgeon River Gorge in Dickinson County. The Gorge will remind you of a river in the Rockies. All of these rivers are scenic with good fishing. The hunting opportunities abound on most of the parcels with trophy whitetail have been harvested over the years. One of these whitetails was featured on the Sportsman Channel. Our tracts range from over 1,000 contiguous acres to small acreage building sites near the city of Kingsford and everything in between. There isn't another land portfolio that offers a combination of timber, minerals, resale and recreation anywhere in the Upper Peninsula and perhaps the entire Midwest. We have additional information available to qualified buyers including photos, DVDs, mineral reports and other details upon request with a letter of financial ability from a recognized financial institution.

DIRECTIONS

Multiple parcels throughout Marquette, Menominee, Dickinson, Iron and Baraga Counties. Refer to legal descriptions and maps in associated docs.

DISCLAIMERS & AGENCY DISCLOSURE
  • Buyer's Fee: 0%
  • Earnest Money: 5% of the negotiated purchase price/successful high bid or $500, whichever is greater.
  • Brokers and Agents are fully protected and encouraged to participate.
  • RealtyHive & Micoley.com, LLC are licensed auction firms performing auction and auction marketing services as part of this transaction.

Read More...
SOURCE DISCLAIMER
Copyright © 2018 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
SOURCE MODIFICATION TIMESTAMP: 2018-05-22 18:26:00

As is true with any major purchase, you should thoroughly investigate your investment before you go through with a real estate transaction. Always do your homework. Although it may be tempting to purchase a property without taking time to dig into it, we do not recommend it. Here are a few suggestions:

  • Read the contract in full.
  • If possible, physically visit the property.
  • If the property is a multi-family, acquire rental history, vacancy rates, etc.
  • Know the area in which you are buying, so you know what to expect of that market.
  • Consult a local broker.
If a buyer is not certain that he or she want to purchase a particular property, then that buyer is advised not to bid on the property. If a buyer has not inspected and/or not performed due diligence on a property and desires to do so before purchasing the property, then that buyer is also advised not to bid on the property. As always, feel free to contact a RealtyHive representative at 888-869-5672 with any further questions.

Tips for Buying a Home

So you’ve decided to buy a home? Congrats, that’s great!
Here are some great tips to get you on your way to home ownership.

1. Determine Your Budget & Save

Take into account the average down-payment is 10%. 10% is not required, but the loan amount and approval will fluctuate depending on the percentage you put down. Determine how much you can pay for your monthly mortgage. Outline your expenses and be honest with yourself about what you can reasonably afford. Also, ask yourself what happens if you lose your job? Or if you’re part of a couple, what happens if your spouse loses their job?

2. Secure a Loan

Once you’ve got your budget in order, it’s time to go shopping for a loan. Visit multiple lenders to weigh your options and find the best deal. Each bank will determine if you are eligible and at what interest rate you will be charged. based on your financial situation. Make sure to ask questions such as what the breakdown of the monthly payments will be once you have made your down payment, how the loan term will affect your monthly payments, whether or not the interest rate is fixed or variable, if home insurance or any other services are included within the home purchase amount.

3. Be Prepared

Have a current Pre-qualification letter and good faith deposit funds available. Technology makes it easier than ever for your real estate agent to draft and transmit a purchase offer back and forth for your signatures. But, this is only one piece of the puzzle. You also need a current pre-qualification letter, and ready access to your good faith deposit. This can be obtained from the bank and confirms their willingness to give you a loan. Most sellers won’t accept a letter that’s more than three months old. If your home search lasts for more than three months, you’ll need an updated pre-qualification letter. When you submit your offer, it must include a check for the good faith deposit. Generally, good faith is at least 3% of the purchase price. This check will be deposited into an escrow account within three days of an accepted offer.

4. Stay Informed

Always make sure to do your homework and learn the history on a property you are interested in. Does the neighborhood have a high crime rate or a new highway/major road being constructed nearby that could be affecting the price? Is the heating, plumbing, roofing and window work in good condition? Those hidden problems can lead to major expenses in the future - post purchase. Ask your realtor for a property condition report and and see if the home comes pre-inspected. If not, we highly recommended to get and inspection before the purchase is complete. Being “in-the-know” and taking the extra steps can save you money and headaches in the long run.

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Online Only Event/Auction:
November 28th 10:00am - 4:00pm CST
List Price:
$4,495,000.00
Sugg. Opening Bid:
$3,250,000.00
Enter $3,250,000.00 or more

What is a Pre-Auction Offer? This property can be purchased prior to the auction's start date. If accepted, this property will be removed from the upcoming auction. Benefits to purchasing prior to auction.

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Agent Contact & Showing Info
  • BOB SULLIVAN
  • Northern Michigan Land Brokers
  • License # 6502362192
Financing

Please contact your local lender