The Borough Wants To Buy My Investment Property

[April Martella]

.....to tear it down and make a parking lot. 

This is my first post here, hope this is posted in the right place. :) My husband and I own a rental duplex in the suburbs north of Pittsburgh, in a very nice town. The city's borough is wanting to purchase all the homes on our side of the street to tear them down and extend their parking. (Much needed parking for a handful of businesses, the borough building, and the police station). We never had any intentions on selling this property, as we wanted to keep it for retirement income one day, but if the price is right, we'd entertain selling. 

They want us to give them a number, but the number that would make it worthwhile for us to sell is much higher than what the property is worth.

Any advice on how to approach this? Like I said, I wouldn't mind selling if the price is right, but the *right* price for us is way higher than what they probably want to pay. 

Thanks in advance!

[Jacqueline Coombs]

I would give them your "right" price. Because this is your long-term investment, the property is legitimately worth the price that works best for you and your future plans. I would think they would anticipate having to pay more than market value to get people to give up their homes to tear down.