It's about an hour away from me, and it doesn't sound like the seller knows the frame size (omitted the answer when i sent him a couple questions).
For the sake of argument, lets assume that
a) aside from the bags being a little worse for wear (according to seller), it is in fact "like new" and
b) it's a 20" frame (I'm 6' 2")
Is $700 reasonable? Seems high to me, but I don't see a lot of these for sale, and the ones I do find are in that price range.