Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - Should I buy this Schwinn Premis?

I am a noob to road bikes and need some help.
Local dude is selling this bike for $450.
Just lookin for some feedback. Is this a good deal?

Bike:
Upgraded parts include:
1.Wheelset; Alex AKX R1.0 front/rear matching set, Shimano compatible
2.Cassette; Shimano HG-50, 9speed 12-25 teeth
3.Crankset; FSA Vero Triple, 52 / 42 / 30 teeth
4.Bottom Bracket; Shimano UN-54
5.Chain; SRAM PC-951
6.Front Deraileur; Shimano Sora, 2009 year model, 9 speed
7.Rear Deraileur; Shimano Sora, 2009 year model, 9 speed
8.Brakeset; Tektro R530, black
9.Cables; All of them are new, with spiffy yellow housing
10.Handle bar; Bianchi ergonomic handlebar, 40cm, short reach, regular drop (new take-off)
11.Stem; Cannondale(Coda), quill stem, like profile H20 (new take-off)
12.Bottle cages; spiffy yellow cages, new
13.Tubes; yeah.....I know, but its important!!
14.Rim tape; Velox nylon, only the best!!
15.Bar tape; Soma striated tape, black. NOTHING BETTER!!!

The original parts are:
1.Frame-set; Schwinn Premis frame and fork, some scratches and touch-up paint, rides great
One of the higher end frames from the Chicago factory.
Sizes are: Top tube: 53.5cm center to center,
Seat tube: 53cm center to top
Built with Columbus Tenax, chromoly tubing.
2.Headset; Tange Levin CD in WHITE, very good condition.
3.Pedals; Wellgo MTB SPD type pedals.
4.Shifters; Shimano Tiagra 3 x 9 shifters/brake levers "brifters".
5.Seat-post; Original Sakae CR post from bike.
6.Saddle; Mens, not sure of brand

Sooooo,
Should I buy it?
Im lookin for an entry level bike that I can either upgrade or trade in later IF I get the bug.
ALL COMMENTS ABOUT THIS BIKE WELCOME!!!

Thanks
-James

Where's the pictures?

Not around here. That price would be high. I also don't care for the mix of parts: Tiagara brifters with SORA derailleurs? Huh? And who cares what rim tape the guy used? I have yet to have sold or bought a bike because of the type of rim tape. Seller is describing a fair amount of entry parts as if they were gold.

This bike sounds like the guy had a frame laying around and grabbed some miscellaneous parts he had in the bin to complete it. Probably not a bad bike, I have two Schwinn Tenax bikes myself (a Tempo and a Prelude). But I don't see it worth that kind of money.

Your description is that you are looking for an entry level bike. Around here, you can get some really nice vintage bikes for around $200, that are upgradable, or pretty easily sold for what you paid for them. Then you trade up.

Maybe the seller thinks, hmmm, I paid $xx for all these parts and need to get my money out of them.
I have a Premis converted to a fixed gear and it's great, not as nice as the Columbus SL Circuit but nice.

Too bad the bike doesn't have the original components and a way lower price. It was fine the way it came 20 years ago.

There are pics but they are small. It has the purple and yellow paint. Pretty ugly looking.
I agree about the descriptions. They are a little over the top. I tried to offer him 400 and he said he owns a bike shop and would rather let it sit than lower the price... It seems crazy what people think used products are worth. In Houston anyway.
Thanks for the info...

I have found pretty decent brifter bikes in the $350 range (I bought one for $200 with all RX100 components, but that was a really good deal). And if you are not stuck on getting a brifter bike, you should be able to find a really good vintage bike for $200 or less (market price), with good level components and downtube shifters.

This is a case of a bike costing more to build than its worth but then again can you build or buy a 9-speed Sora bike for less?

Something you need to be aware is that most of the parts in your description as being original are not originals.

There's no doubt the Columbus tubed Schwinns are fine ridding bikes but $450 is too much for that one.

I have found pretty decent brifter bikes in the $350 range (I bought one for $200 with all RX100 components, but that was a really good deal). And if you are not stuck on getting a brifter bike, you should be able to find a really good vintage bike for $200 or less (market price), with good level components and downtube shifters.

Exactly. Theres a Schwinn framset for sale localy here in Tampa thats probably identicle to the Premis and its overpriced at $150. I could build one heck of a bike with that frameset for another $300!!! HecK, I think I could get complete 9-speed STI 105 group with wheels for $300!!

I tried to offer him 400 and he said he owns a bike shop and would rather let it sit than lower the price...

I wouldn't buy anything from someone who said something like that to me.

+1 Find another seller. The world is full of them.

Exactly. Theres a Schwinn framset for sale localy here in Tampa thats probably identicle to the Premis and its overpriced at $150. I could build one heck of a bike with that frameset for another $300!!! HecK, I think I could get complete 9-speed STI 105 group with wheels for $300!!

That seems hard to find in my neck of the woods. My search continues.

I am guessing the best place to find some 105 brifters is ebay.

Nashbar has their branded brifters on sale right now for $99. If you can find a coupon code, they get even cheaper. Hard to beat that price, and the reviews I have seen on their brifters have been pretty decent.

http://www.bikeforums.net/showthread.php?p=8525508&posted=1#post8525508

Check this out