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It looks like he's wanting around the price he paid for it. My guess is the 'home made' element is putting people off, though you're quite right about the ride. I did make him ride up and down the road when he collected it, mainly to confirm the unconventional / hand crafted bits all worked at the time of sale.
Good spot! (= I hadn't seen it)
I sold it to a chap in Telford about 3 years ago - not really a cyclist but he was fed up with the traffic and parking problems, and thought the cycle paths looked usable.