Interesting. Do you have data to support that? I don't doubt the "don't know about the resale market" part. But I am skeptical of people buying higher-priced bHC points to use in places like Vegas and Orlando rather than at their high-priced resort. Basically, my conjecture is that people buying W. 57th primarily use it at W. 57th, not Vegas.
Also, I don't believe that the point multiple is that great that one gets "many more" weeks elsewhere. Maybe 2:1?
Now, even exempting any knowledge of the resale market, if one wants to use points in Vegas, is it cheaper (in buy-in and MFs) to simply buy more in Vegas verus buying in NYC to use in Vegas? I just think that there is never a logic point (resale or not), to buy high-priced points to use in low-priced locations. But I haven't priced out the permutations.