Business Briefs: Bids too low for land sale

Business Briefs: Bids too low for land sale

November 1st, 2013 by Associated Press and Staff Report in Business Around the Region

Nearly 3,300 acres in Grundy County will be sold at auction Thursday, Oct. 31. A private land company that bought the undeveloped property three years ago is selling the land near the Grundy Forest State Natural Area in two parcels - one including 1,207 acres and the other including 2,075 acres. J.P King is auctioning the property.

Photo by Contributed Photo/Times Free Press.

Bids too low for land sale

The bids Thursday for a mountainous parcel offered for sale near the Fierry Gizzard trail in Grundy County came in too low for any sale to be made. Real estate agent John Hetzler represented a group that offered the most for the land - $250 an acre, or $820,500, to buy the 3,282 acres being offered. But officials with J.P. King & Co. which conducted the auction said the bids were too low for the sellers to accept. Negotiations are continuing for a potential private sale.

The property is near the Grundy Forest State Natural Area and is protected from development by a conservation easement.

Mortgage rates hit 4-month low

Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months. Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year loan declined to 4.10 percent from 4.13 percent last week. The average on the 15-year fixed loan eased to 3.20 percent from 3.24 percent.

Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.