Why did you sell your resale contracts and buy direct?

[Brian Noble]

Good news! The foreclosure period for new resorts is going to be much longer.

 

[supercarrie]

They likely dont have that many points. It has exited the foreclosure period and the price in resale isn't low enough for ROFR likely often enough.

You essentially have the active selling period where they have points: 2-3 years (2010->2013)
Then you have 5 years of foreclosures to sell: (2013->2018)

Covid had a temporary reprieve for all resorts but other than that I wouldn't expect much for BLT unless they add-on to the resort with another tower or there is a massive economic downturn where they end up with a bunch of excess points again.

While I agree with this sentiment, they sell VGF at $265 per point and routinely having been ROFRing it at $155+ this year.

The spread on BLT is a fair bit larger ($275/$120-130). What do you think the reason is for their active VGF buy backs? More demand?

 

[sethschroeder]

While I agree with this sentiment, they sell VGF at $265 per point and routinely having been ROFRing it at $155+ this year.

The spread on BLT is a fair bit larger ($275/$120-130). What do you think the reason is for their active VGF buy backs? More demand?

Likely demand with people adding on since it was the most recent resort that sold out? Its always interesting how they choose where to ROFR at times.

 

[supercarrie]

Likely demand with people adding on since it was the most recent resort that sold out? Its always interesting how they choose where to ROFR at times.

Yes, it is fascinating. (VGC cough cough)