I'm not seeing $1100 there, but there's things he mentions that aren't
in the photos, either. CraigsList can be tough because they resize your
pics.. so most people think their pics are fine, but once posted you lose
a lot of information.
Can't really tell what the tools are, the pen kits, the blanks.. but the lathe
looks to be in good shape and the extension is another $100 or so. I
think your offer sounds reasonable for what can be seen.. but there may
be more that you can't see