Join Date: Aug 2006
Location: Northwestern NJ
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I recently sold a mid 80s Del Rey. It was a solid, solid bike. Frame construction was beautiful, very light frameset, Nitto bars and stem, Suntour Lepree which was a solid mid-level group, and Ukai rims with stainless spokes, much better than the galvanized spoked single-walled Araya rims found on many entry level bikes of the period. If it's of this vintage, features the quad butted VaLite tubeset, and is in good condition, I'd seriously consider it if I were you.
EDIT: Reread your post (reading is fundamental!). I'd say that price is fairl, though it's always a good idea to negotiate down
. If you can find a decent set of second hand wheels for a good price, you'll have a nice bike.
Here's a pic of the one I sold: