Yes, that is carbon fiber. It's the Specialized Epic/Allez that was built in Japan for Specialized for the first few years, then by, I think, Giant in Taiwan later. The Epic model ran from the late eighties and into the early 90's It's actually a beautiful bike with the CF tubes gloss clear coated to reveal the carbon weave on the tube. Earlier versions supposedly had some problems on some bikes with frame tubes pulling off at the head tube lug and BB. Specialized supposedly fixed that and sold the later amended frames to have dark anodized lugs and BBs (not polished aluminum) as a sign to the buyers. I guess, those would be the more desirable ones.
As for value, older bonded CF framed bikes have been all over the place lately becuase not everyone is sold on them because of subborn persisting rumors out there that they all fall apart at the glue joints, but lately I noticed that there has been a bit of a rise in prices on NOS and good condition ones as many are finding out that the rumors are mostly false and that many of these CF bikes out there survives and continue to ride well for their owners.
Because of the large size of the frame, it does hurt it's value a bit as with any other bike of any other material. I would say, $200 is a fair price if the frame is in very good to excellent condition. For a smaller frame in also similar condition, you might expect add up to at least $150 more max. to that figure as you would have more competition from more buyers for it. I think that there will be a sort of renaissance with these older CF bikes in the near future for collectors who are just starting to rediscover them, and values can only go up substantially, so if you really want a classic C&V CF bike from the 80's and early 90's, this is a good time to get them.

As long as the present owner did not cut off/remove anything from the frame like the rear derailleur hanger or down tube shifter bosses, brake and derailleur cable guides, it will be easy to convert it back to a 6,7 or 8 (if the rear spacing is 130mm or wider) speed geared bike.
Good luck if you do decide to get it and remember to look into the "Specialized Epic" to do your research on the bike before you buy it. Remember to also ask for more pictures to get a better idea of its condition.

Chombi