Not knowing what condition the Chicago CR 912 is in or the one on E-bay, but "IF" it's in excellent condition I feel it's worth $450. Unless you've ridden one of those high end Miyata's you may not appreciated them as much as some do, especially me. Obviously price is subject to what a buyer thinks it's worth, but I know personally I would buy it if I was looking for a really nice high end steel ride. How much would a person have to spend today to get a new lugged steel frame of that caliper? At least $4,000!! And even at $4,000 and above your not going to get splined triple butted tubing.

But like Chicago AL said, a bike like a 912 needs to be treated better then a daily commuter where it get damaged, rained on, stolen etc. If I was commuting I find a cheap bike like a Miyata 110 or anything else I could find cheap, and use the 912 for my fitness/weekend rides. I was using a 86 Nishiki Olympic for my commuter because it wasn't in quite as good of shape as my other steel rides plus it was lower end and I didn't like the weird sloping crown fork that looked more like it should have been on a mountain bike not a road bike; but a friend of mine wanted it badly so I sold it to him this last weekend, so it's back to the MTB I use to use. Point is my other steel bikes don't get used for commuting much.

If the 912 in Chicago hasn't sold for months at $450 I bet if someone offered him $400 he would probably take it. I'm surprised it hasn't sold, there must be some sort of problem with it people discovered when they were looking at it. I know a bike shop in Louisville KY sold an exact bike I have, a 84 Fuji Club for $600 and mine's was in better shape, but the Fuji is not in the same league as the Miyata 912.