Funny how that works- although many people end up swapping out a bunch of parts on a $500 fixed gear.

I paid $120 for a bunch of parts from which I built mine- however- but I also ended up buying a larger chainring on ebay for $20, and a new cog for $20- then needed a new chain for $20, a different saddle $20 (used), a different stem $25, better bars ($15), new bar tape $10, pedals $50- I'm already at $400 myself-

-again- how many off the rack $500 fixed gears become $700+ fixed gears?

I could have definitely gotten by more cheaply, but I'd argue this rides like a $1000 bike.