In real estate, there is one mantra more than anything else that controls the price of real estate and that is location, location, location. Where the property is located influences its possible uses. The more profitable the uses of the property then the higher the value of the land.
If you don’t believe this mantra, then just take a look at the value of scrub desert land vs good quality farmland or a small town lot vs a big city lot. The farmland can grow many crops and generate a good return and the big city lot has a lot of potential projects. It all means that location truly is the most important factor in determining the value of land.
