Land development is a typical one-shot decision for private investors due to the huge investment expense and the fear of substantial loss. In this paper, a private real estate investment problem is analyzed within a one-shot decision framework, which is used for a situation where a decision is made only once. The one-shot decision framework involves two steps. The first is to identify which state of nature should be focused for each alternative. The second is to evaluate alternatives by using the focused states of nature. In a one-shot decision framework, the behavior of different types of private investors, such as normal, active, passive and more easily satisfied ones, are examined. The analysis provides insights into personal real estate investment and important policy implications in the regulation of urban land development.