mmm I think there's a bit more than that. Just off the top of my head what about GauntleGrym's mines and it's magical forge that can forge legendary weapons. There's plenty of stuff out there and as I said once before, ore, forests, etc are worth quite a bit. Add the fact that things like rye that can be grown and harvested early before other warm season grains make good trade . Eventually.....whether it's a hundred years or 400 years someone will build a power base there. Trade with Gauntlegrym alone could probably support a large City State. And it doesn't have to be humans or elves. Orcs could forge a nation. Drow could pop up city states supported by the underdark. A flight of dragons could secretly support some noble family, (or be the noble family) and found a base of power. Lot of moving parts in that region. One falls it automatically makes someone else stronger. Or something totally unexpected could happen like Giants marching from the north and founding a giant kingdom. If you look at real world history Rome almost fell to Athens before it ever got started. Only because Athens fell to disease while at war with Sparta did Rome rise. And where we have nothing but desert and scrub is where Rome's second greatest enemy Carthage stood. No one in the world would imagine forming a kingdom or powerful country there. But It stood for over 700 years. That's the difference between conquerers and everyone else. They see money and power the rest of us see old trees and problems.