We spent some time with Phil Hyde, an Associate Broker/Appraiser from Bear Island Land Co. in Minnesota – asked him a few questions to get to know him and the Minnesota market better. Here’s what he had to say.
What does ‘Potlatch land’ mean to buyers in Minnesota?
There is strong history and allure to Potlatch property – the land is well regarded and in high demand. It’s primarily about hunting, because these parcels are known for great access adjacent to government property. You could buy a 40-acre Potlatch parcel that could have a couple of hundred acres of federal, state or county land that expands your hunting territory.
What are buyers looking for in the current land market?
Our buyers usually want great access, tree cover and unique topography. People like to spread out, have privacy, and if there’s government land nearby, a location where you could walk off the property for days and not see another house or person!
They don’t want to have to drive to where they hunt; they want to step out their cabin door the first day of hunting season into thousands of acres of government land. Our buyers want to create a place where they can live their dream and keep that dream in their family for generations.
And of course, price is always important. Land is extremely affordable right now, which is good news for buyers.
Why do you think some buyers have waited for that property and not looked at others?
About a third of our buyers have been leasing Potlatch land and after hunting on it for years, many are pretty excited about owning a piece when it opens up for sale. There are also adjacent landowners who have lived next to Potlatch property for a long time and jump at the chance to expand their property. Plus, Potlatch lands have held their value, and it seems to get a better price per acre compared to other lands we come across. Since we’ve been selling Potlatch properties for so long, we appreciate it and understand its value.