Location Is Important, But So Is Timing

"'Location, location, location' may be the mantra of real estate, but equally important is 'timing, timing, timing.'"

"Even the most well-located projects can be hurt by factors such as tightening financing, escalating construction costs, weakening market conditions, and decreasing income from sales or leasing."

"For grand projects -- building a new town or rebuilding a city neighborhood -- part of the challenge is phasing. Which elements of a grand plan should be built in the first phase? What should be deferred to later phases?"

"A mega-project requires huge amounts of capital invested over years, or even decades, for land acquisition, planning, engineering, architecture, zoning, permits, construction of infrastructure and buildings, marketing, and continuing operations. During the lengthy course of development, conditions inevitably change, frequently for the worse. Segmenting such projects into multiple phases can minimize investment risks. And why build something before it is needed?"