aka: Dr. Cannondale
Join Date: Jul 2009
Bikes: I'd rather not count how many, thank you
Mentioned: 23 Post(s)
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Are you in SFO? If so, then those asking prices are pretty typical. Keep in mind that an asking price and what the seller walks away with in his pocket are often some distance apart. Both of your examples are larger frames, both are in ride-away condition, and both appear to have been better maintained than yours. I agree with Tugrul: around here that's a project bike; project price, $100+/-.
On the other hand, if the bike fits you, fix it up and ride the darn thing. You won't get your money back out of it, but properly repaired it will last you for, well, decades.
Hard at work in the Secret Underground Laboratory...