Frank,
You may get real once all marketing components are known. If you don't like the State pricing index, then look at the USDA-Forest Service transaction evidence or Timber Mart North prices etc. for red pine.
I haven't sold any red pine for less than $35.00/cord for some time. Some has been on small areas of less than 10 acres.
I agree that 4 acres may not be highly marketable on one location, thus the reason that more information is needed. However, he or his neigbors may be sitting on more acres nearby for a composite sale. I often find this situation. Again, why a Consultant might be used.