Yes. I don't believe they were EVER $395 when new and firsts direct from AE. That seller is basing the $395 on the current price of the Park Ave, after multiple price increases since AE make the grey PA's. They're not that common, but they pop up on eBay every so often. I even found 3 pairs (not my size, all 9's) in the same MJM once.
I also wan't to point out that there is some variance in the finish on the Grey Cloud. Mine have much less of the darker finish than the ones posted and are almost solid grey. Oh, and there was also a Grey Cloud Dalton. Someone not that long ago posted a page from an AE catalog that had the grey shoes featured, back when they were pushing that color.