In excellent condition. I think it's a 2004 model. Picture #3 shows a screenshot of the bike model that seems closest to this one, which can also be found here:
http://www.challengebikes.com/brochures.php .
You'll see that the bike had an MSRP of 1750Euros in 2004, which equals about $3300 now.
Challenge bikes were made in The Netherlands and is high quality based on internet references and my experience riding.
The adjustable boom for leg length is at it's maximum and I'm 6' tall. I think the next rider should shorter legs than I.
It is very comfortable and puts no pressure pains on any body part like regular bicycles do. If you'll be going up steep inclines, you may want to add a lower gear or two (I bought it a few years ago in Florida where there are basically no hills).