The Canadian equity destination club, M Private Residences, is planning to end the secondary market it created for re-sales of member shares.
As an example the last share that sold was a 21 night A share which went for C$120,000 (US$93,000), compared to the price before the market was created of C$210,000. Using that great realtor cliché there are clearly some motivated sellers.
Michelle expected future sales to be slightly higher in the C$130k-C$140k range, since the other sellers are not quite so motivated. The secondary market is due to close March 31, 2009.
While M Private has about 25 members on its resignation list, most of them are still traveling and do not have any urgency to sell, but want to keep their options open and maintain their spot on the list. Michelle thought that only a handful really want the liquidity of a share sale.