Riviera restrictions may or may not have a limited impact in sales, but they 100% impact resale prices (just look at the trend, and it's not going to get better as more sellers come online and supply increases).
I don’t disagree that they impact resale prices. That’s the whole point of restrictions, to drive down resale and make it less desirable to purchase. So that Disney can ROFR to its hearts content and has an easier sales pitch.
But I also don’t think this is a settled issue to the degree in which it drives down resale prices.
What happens when RIV is sold out? What happens when Disney starts ROFRing. Neither of these things are case tested. Likewise, what happens if a non-desirable ‘home resort’ has restrictions. Something like Saratoga. Only then do we see the full impact. But unlike you I don’t think it’s going to be that big of a downward modifier on actual price. Maybe 10%.
Location and exclusivity probably matters most, then maybe maintenance fees, then the overall appeal of the resort, then length of contract, then points charts. Somewhere down at the end are if the points are restricted.