I've got to disagree with the early 80's Fenders being poorly built. My experience has been, that the last of the Fullerton era Fenders were better than the mid/late 70's versions. The were a little less in the Frill's dept, in some cases, but were actually pretty decent instruments. Look at the prices people are paying for the early 80's Fullerton Re Issues as an example. You can pretty much figure that these are going to be the next to jump in price.
If you're looking at this as a bass to play, this isn't for you. If you are looking for a "collectable" bass, it's not a bad place to go. This thing looks DEAD MINT and these Late Fullerton basses ARE going to go up in value. They really aren't considered "vintage" right yet, but in 10 years they definitly will be. I can remember when the 70's Fenders weren't considered "vintage" and look at those prices now.
As the prices on the 70's stuff goes up, the next to rise will be those late Fullerton instruments, and that one is in exeptional condition.
Again, I think $1600 is a little high for one of these right now. $1300 and you'd be doing o.k. IMO.