He's only ripping them off if he falsly advertises the bikes. Anyone can charge any amount for a bike. Consumers arent idiots of dumb a55es for paying what they feel is good price.
Remember, cyclists, in general, are very cheap people. What a cyclist considers to be over priced may in fact be market value. Also, just be cause you may have, or someone you know may have bought something similar or better for lesser price it doesnt mean the current item is overpriced.
Economics 101.....BTW...I vote for jealous