just a quick update:
The family friend just called my father in law. Boats at his house ready for me to look at. He dropped the price down to $300. My first thought is that he had a look at the boat and it's not in as good of shape as he though. This may be the case to some extent, but I think it has more to do with the fact that he just wants to get rid of the thing, for space purposes.
We'll see.