Looking to buy a Destination Club resale. Where are the distressed sellers?

[abdibile]

I am thinking of buying into one of the Luxury Destination Clubs like Exclusive Resorts or one of the equity based clubs.

I am reading that lots of members want to exit the clubs and ask their deposit back (which the clubs comitted to pay back upon a member leaving) but can not exit as not enough new members are joining (somethimes only one can exit per 3 new members have joined), so there seem to be long waitlists of members wanting to exit.

But I have not seen any ads of distressed sellers who would sell their memberships at a much lower price than the developers like it is happening with timeshares.

Has anyone seen ads of people wanting to sell Destination Club memberships for cheap?

Thanks for any tipps to find a membership at a distressed price!

 

[JustADad]

Hi abdibile

Pretty much all the Destination Clubs control the resale of their memberships, so you won't find any resales in the "open" market - you have to go via the clubs.

One exception to this was M Private Residences who were letting members resell at one stage. They may still have a similar program going. The best place to start would be via M Private and ask them.

For the residence clubs, where you're buying real estate, you can find listings on the local MLS. A lot of these have dropped in price significantly and there are some good deals to be had - especially if you can find the so called "motivated" sellers.

 

[travelguy]

You might get more response in the "Non-traditional Interval Ownership" forum. This is where Destination Clubs where discussed in the past.