An friend of a friend is willing to sell me his 1997 Lemond Zurich (full ultegra put on 4 years ago) for 500 dollars. The bike looks impecable and well cared for. It has probably 1500 miles on it. Is this a fair price, good price, or is he trying to screw me?

Probably a fair price, especially if you can test ride it and know it works well. You might be able to get a better deal on ebay or a place like that but you wouldn't have an opportunity to see it in person and to make sure it fits you. Make sure the wheels are true.

No bike is a good deal unless it fits you. Make sure it's the right size, you can find good info on this at the www.coloradocyclist.com website.

Sounds like a very fair deal to me if the size fits you. If not, pass on it.