Well, for starters the exchange list is supposed to be for CL members only as it's advertised. I know a lot of the time it's used for swaps. I've never heard of an "exchange waiting" list, so maybe there's an addendum to that.
As for the price, if someone is paying the facility fee for their seat, that would be the $1,500 regular fee, a $2,500 share of the 5-year facility fee commitment, plus the actual cost of the ticket. In essence, he's out about $650 per game for that seat. If they're not paying a facility fee (have had the seat for more than two seasons, which would be the vast majority of CL members), their actual cost is still above $250.
I've seen people get angry at someone wanting above face value for a CL seat, so the street goes both ways.
From what I've seen, the short answer to your question is that $500 a seat is high.