M Private Residences Decreases Share Prices

By: Destination Club News
Date: June 10, 2010

Real estate values have begun to show some signs of recovery but still don't approach the prices at the top of the bubble. With nearly 20 residences in their portfolio, M Private Residences has seen the total value of the club's property holdings decline and have realigned their current pricing to match the club's value.

"We are now at net asset value since our company is a not for profit and the members are 100% owners of the real estate and the club," said Michele Beitel, M Private Residences' Vice President of Sales & Marketing. "M Private Residences is the management company that the members put in place to handle the maintenance and operations."

Offering three different membership options, each has been discounted by roughly 18%, an amount which Beitel confirmed is the approximate decline the total property values have seen in recent years.

These reductions in price not only save new members up to $65,000 but also come with an assortment of other benefits. Members will now enjoy unlimited and free space available travel within 30 days. This allows members to travel on a virtually unlimited basis inside of 30 days without these space available days counting against their number of base plan nights. Last year, the club announced that they would not increase annual dues as the club was already sustainable at current dues levels and this year saw M Private Residences announce a secondary sales channel that allowed members the ability to sell their membership on the open market. These programs will continue and members will also now be able to transfer their membership to a third party if they are not traveling with the club.

We asked Beitel which of these changes were most exciting for members. "All of them!" she quickly replied. "Everyone likes the opportunity for liquidity in their portfolios and usage of their properties in a space available range, within 30 days of travel, and not go against their plan days."

The good news continues at M Private Residences later this year as Beitel also confirmed that a new residence will be joining the portfolio, scheduled for August, bringing the club's total collection to 18 homes throughout Canada, US, Europe, Mexico, and the Caribbean.