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Looking for Advice (MI) - Great Lakes Newbie

Hello,

Thanks for reading this, I'm looking for some advice to see if I'm crazy or if what I'm looking at is in the bounds of reason.

My partner and I live in a MCOL city with HCOL salaries. We save a lot of money, no kids, etc. We're exploring the idea of buying unimproved land in the Upper Peninsula in Michigan (southern exposure) and then building a cabin. We might buy the land now and wait to see if materials prices come down as well. No rush.

As I'm doing research on properties, I'm finding some that look good, albeit maybe overpriced. Here's an example of one that we'd consider though I'm not sure this is what we want.

What I'm considering is something where I can get electricity, and if we build a more on-grid place we'd dig a well and septic. I'm also wondering if it makes sense to just buy the land and hang on to it until we decide to move up there and just build a larger house instead of a cabin. Downside being that we would have to wait and just sit on the land.

I think with climate change these areas are going to become more desirable. People are going to want to live a little bit farther away from others and are going to want places where the weather is more tolerable, access to water, etc. - I think we see that now with many people in places like California buying up property out west.

We're really set on something that is lake-front, with a sandy beach. We'd like to have a couple of acres just so that we don't have neighbors that we would have to see. Not anti-social, it just defeats the purpose of the seclusion and tranquility.

Ideally we'd set up something like an a-frame house, small kitchenette, a hot tub, etc. Just some things to enjoy and get away to. OR if we went with a much larger place then some different items to consider.

I guess, as I write this a question I have in mind is are these properties priced decently? Is there a glaring hole in my assessment of them? I know that they are remote, and maybe that's part of the factor playing into the cost, but I can't help but think long-term that these types of properties with waterfront acreage are going to skyrocket in price and eventually I'll be priced out.

Does anyone have experience here that could speak generally? I'd really appreciate it. Sorry for the noob question.

submitted by /u/muninn_77
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source https://www.reddit.com/r/RealEstate/comments/o9rqho/looking_for_advice_mi_great_lakes_newbie/
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