In any file dialog box that displays the Favorites list, you can drag a shortcut from the current location or any location shown to the Favorites list. As you probably already knew, you can drag any selected location and drop it into Favorites, as shown here, where I’m dragging a shortcut to the ODEP folder into Favorites. Note that this is redundant, since that shortcut already exists. So, I won’t really do it. But, that’s how it’s done.
Apparently, some of you didn’t know you can also drag from the location bar at the top. First, click in it so that the > Libraries > Documents > format is replaced with the standard file location notation. This also selects the current location (and coincidentally, this is a good way to get a copy of the current location into the clipboard). Move the mouse over the left end of the location, and drag down to the Favorites area, as shown here.
Of course, here, this would be redundant, since the folder I’m dragging already has a shortcut. But, as above, you see the point.
While we’re here, I should tell you that you can also navigate to higher locations by clicking the segments shown in the address bar. Notice that here, Users is highlighted when I hover the mouse pointer over it. If I click on Users, the view now switches directly to that folder, without a need to ride the elevator stopping at My Documents and Herb.