We hear so much about location, location, location. But what’s the true meaning?
Location reflects timing. Real estate prices rise and fall in cycles, influenced by supply and demand. And, location can be local or global.
For example, the Florida peninsula, centered between two hemispheres, is a key location for companies shipping merchandise on cargo vessels around the world - meeting industry cycles of supply and demand.
The corner office is another location. So is off a corner, on a street, when access for retail is considered. A home in a desirable community with lots of amenities represents location too.
Location also can be the lowest price or rent on the block or in a city, especially when the block has consistent curb appeal, or the city has well positioned catalysts for economic development. You have to consider the details in the real estate world.