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I'm sorry if this has been commented on before, but this scenario is impossible to search for on the forums because of its name, and I didn't notice anyone commenting on it in the GM Discussion thread either (if it's there, I apologize even more sincerely).
I'm presuming this is just a typo, and not a spontaneous discount?

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Not a typo. I've seen this discount in several products for Cloak of Elven Kind. And even if you sell it for half of its going price, it will only give you back 1,250gp, so you still loose 250gp.
The way I figured it, PFS has so many of these that they actually sell them on the cheap to their members and if they decide to sell them back, they still won't get their paid price for them and since its a crappy item, no one actually wants to buy it, except for rogues. After all, what would my Cleric really do with a Cloak of Elven Kind?
I'm not sure about not being able to sell them for 1/2 of their regular price, Sean H. You sure about that rule?

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Not a typo. I've seen this discount in several products for Cloak of Elven Kind.
It is a typo. The official price (For PFS, it always is the most recent reprinting of the rules) is the Ultimate Equipment price, and it is 2,500 gp.
It has been stated in the past that there ARE mistakes in chronicle sheets, and GMs and players are expected to go by correct prices AND type of item.
For example, there are at least 2 season 0 scenarios that include "Gloves of Dexterity +2" in their sheets. We are all expected to correct them to "Belts of Incredible Dexterity +2" as no such gloves exist in PF.

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Moonscar is another one, has a Belt of Physical Perfection +4 for 40,000gp, nice item that normally goes for 64,000gp.
Interesting find. My guess there is either they meant a belt of physical might +4 which IS 40,000 or they took the price from that one and applied it incorrectly. Seems like it would be an easy error to make.
Without reading the module to see who/where the players get the item, I would say go for physical perfection for 64,000.
I do agree and wish that updates to erroneous chronicles happened more often. Usually only glaring errors and not typos are corrected :(