I wouldn't worry about what the bass cost when it was new, rather what it would cost to replace it today.
Sounds like a reasonable price to me if it is a "turn key bass" (requires no work to be serviceable), but check the condition of the seams, bridge, endpin and strings.
An adjustable bridge is a "plus".
Is the board ebony or rosewood, and is it dressed properly? You mention that it was "planed"...but planed for "what" and by whom? Was this work done by the person who did the neck repair?
Does it come with a bag and a bow? If so, what condition are they in? Either will set you back a hundred bucks (for entry level stuff) or a whole lot more if you need to replace them...good examples would raise the "value" of the package.
Also make sure it suits YOUR needs: Set up for arco or pizz only, or both...what ever you plan to use it for.
It wouldn't hurt to have someone who has more experience check it out with you...or see if you can take it somewhere for an independent evaluation.
All that said, don't be afraid to haggle if it suits you! Cash talks!
I hope some of this will prove helpful!
Good Luck!
Joe
Check this out:
http://www.gollihurmusic.com/product..._3_4_BASS.html