In principal, I completely agree with the original poster, you should not be looking at DVC for an investment.
I too will say that being an owner at BLT for the past 10 years, I am very happy with the value of the points that I have.
As an original owner as opposed to a resale owner, I do think that the latest restrictions do impact the resale value of points.
However, points there are several things that I think about. For example, I am still wondering when will Disney be building a BLT2 on the other side of the contemporary? And when they do that, will they offer the current owners of BLT an opportunity to extend the expiration to the expiration of the new tower.
It should also be pointed out that I would say that DVC is mostly worthwhile when you can pay for it up front. Borrowing money to buy DVC can definitely impact your cost analysis.
The biggest thing to me when it comes to DVC is that it is at the top of the daisy chain of cost savings opportunities. For annual passes, you can save about $150 per ticket. In my case, that is equal to an annual savings of about $600. There have been times that they have offered special promotions for annual passes for as much as $300 off, which can mean a savings of $1,200 for a family of four. That savings could in theory pay for your annual dues.
But it does not stop there. Since you now have an annual pass, your enjoy other perks. Since parking is now $25 a day, having an AP can save you hundreds on a vacation. Having an AP gets you a 10% discount at most sit-down restaurants at WDW (15 or 20% at a few restaurants at Disney Springs). It gets you 20% most stores. There are also a bunch of special ticket events, tours, etc. where your discount would also apply. Also, if you own an AP, then you can get Tables in Wonderland. While the recent price increases as well as the increased discounts for AP holders has cut the usefulness for TiW, back when it was $75 for 13+ month card, I could easily pay for the card with the savings at just one meal.
Clearly, you need to love Disney to purchase DVC. And let’s face it, the reason that people buy DVC is mostly because they are planning their vacations around Disney. I would not look at it as an investment, but yes, I could sell my BLT points for the same amount I paid for them 10 years ago. For us WDW is a place that we visit multiple times a year, and for most trips we stay offsite, and often on various hotel points. The DVC made the AP possible for us. The AP has made the multiple trips work for us. The multiple trips has made it a great vacation spot for us, with the knowledge of knowing if we do not do attraction X this trip because it has a three hour long line, we will make it a priority on the next trip, in just a couple of months.
What we have also learned is that what works for one family may not work for another! DVC is certainly not for everyone, but some people can make it work very well...