You are really buying the frame, which is both a high quality build and material. Ultegra is good stuff and should last a long time, easy to maintain/replace or upgrade over time, but the main thing is the nice frame and fork. 1K for the complete bike is a fair deal I think.
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1989 Schwinn Paramount OS
1980 Mclean/Silk Hope Sport Touring
1983 Bianchi pista
1976 Fuji Feather track
1979 raleigh track
"I've consulted my sources and I'm pretty sure your derailleur does not exist"