You can buy the AIB bank for €110,000
AIB Bank
No, I’m not talking about the whole of AIB Bank, which, despite the awful downturn, is still worth billions. I’m talking about the building that AIB vacated when it left Moville with its tail between its legs. What’s left of the branch you can catch in a van on Wednesday afternoons for a limited service.
What I’m talking about is the building itself. It’s in a prime spot on Main Street, Moville. I’ll bet that a few years ago it would have been worth over a million – and will be again at some time in the future.
According to the blurb “The property comprises a three storey detached property with rear extension and has the benefit of private off street parking, garage and side garden”.
I didn’t realise it had a garage and garden.
Lots of Space
On its 3 floors it has 215 square feet of space and the whole of the grounds are measured at 800 square metres long according to the auctioneers. That’s about 28 x 29 metres. That sounds an awful lot. The grounds must be bigger than I thought.
As you can imagine it is very well alarmed.
It’s astonishing the price that commercial properties are going for nowadays in Moville.
Capitulation
In market terms this is what is called Capitulation. Capitulation is when sellers who had been hanging on and hanging on hoping for the market to rise are now getting out at any price that they can get.
That is what is happening here. The good news is that the next step after Capitulation is recovery. It is when the last sellers are forced to sell at any price they can get that the bottom-feeders, those who have cash and buy bargains when no one else has any money, move in.
Analogy
Capitulation is almost like the financial system throws up. It is awful at the time but you start to feel better after that once all the badness is out of your system.
Sorry about the use of that analogy especially if you are eating when reading this but it’s the best way of describing it.
Fancy buying a bank?
Click on Buy The Bank to find out more details.