That price is way off. That co-op posts a lot of bikes on eBay and their prices are very, very high. Plus a lot of the inventory they put up is remarkably beat up. I paid $200 for a 1985 Cannondale ST 400 that was pretty much all original and it was in fine shape. I rebuilt it with a triple and shimano 7 speed indexing. It is a terrific bike.
