I'd say that is a more than fair deal if this is a gun you are chasing!
If this is not a gun you desire, I don't think this is a "buy" price if you simply think you wanna snag it and flip it later simply because it's "rare."
I think it is a way cool revolver and I think it's plain silly that Ruger elected not to continue production of them. And along that thought process, I would be far from shocked if Ruger decided to make them once again.
Any prices over that are, in my opinion, "inflated" by folks who realize that they didn't make many of them. For the folks who aren't specifically .357 revolver aficionados and hardcore gun cranks, it's simply a used Redhawk and probably worth $500-$700 depending on condition. The folks who know they only made them for a year or two are the ones who put the $900 & up price tags on them.
YES! Price is subjective, and the fact that they -ARE- short printed does increase the demand and thus the price. I saw two of them at shows in the last year and one was $900 and NICE and the other was not as nice and $1,200. I'm sure the $1,200 price was a tag-shocker so that a buyer would feel like "he stole it" when he haggled down to $900. (I say this because of all the other prices that dealer was displaying)
Bottom line-- if it's something you specifically seek for yourself and it's in fine shape, that's a BUY price where I live.