When the DVC at the Grand Californian goes on sale I would like to purchase points at that resort so it's my home resort. I live in the Southwest so a property in California makes more sense for me. We go there at least once a year anyway.

I have a question that I hope those of you with knowledge of DVC can help me with. I am thinking of buying the minimum amount of points through DVC (150) at the Grand Californian so that it is my home resort and then purchase additional points on the resale market. My intent would be to use all points at the Grand Californian.

What are the advantages and disadvantages to this plan? Will I be limited by Disney in any way in using the points that I acquired on the resale market? Does it matter which resort I purchase resale points for?

First off, Disney hasn't officially announced the GCV, much less said when sales will begin. The rumor is there will be some announcement tomorrow.

Secondly, the minimum initial purchase from Disney is 160 points.

Initially, the only points available on the resale market will be for resorts other than GCV. You'll need to purchase a resale contract with the same Use Year as your GCV purchase (unless you buy 160 or more in a single resale purchase).

Keep in mind that you can book the GCV at the 11-month home resort priority booking period only with the points you own at GCV. The points you pickup on the resales market for other resorts can only be used at the 7-month window. Since we don't know the size of GCV yet, this may be an issue.

If you can't book GCV with your resales points, you could bank the points for one year or book a WDW vacation.

As to which resort you should buy via resale, since you don't seem to care which WDW resort you would buy, I would go for the lowest overall cost. That's not just the initial purchase cost, but more importantly, the cost of annual dues over the years. Thus, while Vero Beach may look appealing because of the low point cost, the annual dues will kill you.

According to a sales guide, they were notified this morning of the Grand Californian annuncement:

200 new hotel rooms (not DVC)
52 DVC units
Details will be sent out October 9
Completion date late 2009