New buildings in Miami?
## Any thoughts on what to do with my Miami apartment?   We own a 1 bedroom/1.5 bath near Biscayne Blvd and 20th St. 

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## The building was built in the 1960's. It's right on the water. There are a ton of newer, taller, prettier buildings going up all around it.

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I could rent out the apartment in the hopes of a developer coming along and buying the residents out. And then just sell it to the developer who will tear down this building and put up a taller, prettier, newer building. Potentially, the developer will offer us more than we'd make selling it to an individual.

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Or I could just sell it now and make a decent return on the initial purchase price. The apartment was purchased in the early 90s for about $35k. It's probably worth $150k-$200k now.

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Thoughts?
[{"id": "efqndt0", "text": "Depends on your financial situation.\n\nPersonally, I like the idea of renting out the apt, maybe hiring a management company, and treating the income as an annuity.", "replies": [{"id": "efqnqn0", "text": "Thanks.  Financial situation is not so relevant...it's more a matter of where we potentially will get the best return.  I guess I am looking for some insight into the Miami market and if the building activity going on all around us is going to continue...or if it is slowing down.\n\n&amp;#x200B;\n\nAnd is there any fear of global warming issues for property \\*right\\* on the water?", "replies": [], "depth": 2}], "depth": 1}, {"id": "eftha57", "text": "Rent it. The housing market is cooling off which will typically force institutional (and private) investors to take advantage of the available inventory which it sounds like your building may be in the coming year(s). Find a reputable property management company, hand then the keys and forget about it. If the home is paid off this is a way of you receiving completely residual income for a small administrative fee (property management and leasing costs) and can also provide you with tax incentives.", "replies": [], "depth": 1}]