Depends on how badly you need the money I guess. Developing the site will make it easier to sell on a reseller forum such as namepros..But, if it's a really good domain with lots of potential end users you may be able to find a good price from a buyer without any development.
Well, you can still use many of the old strategies, but you need to focus on quality more than ever. Guest blogging, content creation, and article submission are some of the best ways to promote your website and establish your authority online.