I would suggest calling Peter at ERA and get the history of the car. And review their web site for some details about ERA cars.
Era Replica Automobiles - Makers of the 427, 289FIA, and GT40 replicas
For a really clean ERA with the right options like a 427 or maybe 428, $50k could be a fair price. Keep in mind ERA had a major upgrade at #731. I personally think the later cars are significantly better than the older ones. I have had both.
The market is very soft and deals can be had.
ERA makes a great car and they are a class act.
John