That guy on ebay is nuts. I own 15 Schaller reels ranging from mint condition to junk and i never had to pay more than $70 for a reel. He said he was at the address 8 years ago, that's funny these reels haven't been made for at least 40 years now. I did a check and an Electrical Contractor is at that address. Besides the ones with the aluminum spring covers are the newest Schallers made after the war.
If you have one in the shape you describe it's worth about $50 tops.
If interested in selling shoot me a PM.