Will a $700 turntable outperform a CD player?

I have 5K CD's, and approximately 2K LP's. I'm not clear whether you have a CD collection and or an LP collection. There are many ways of looking at your question. How much past history do you have dealing with a turntable? If this is your first venture, you will most likely make bad choices, until you gain some knowledge and experience. The entry level turntables currently on the market. Will get the job done, ie. playing records with  a reasonable level of reproduction. On the other hand, if you own a collection of decent CD's and a decent player, you will most likely be disappointed that the LP nirvana that you have heard about, and are seeking, is not so easy to come buy. The fairly new SCHIIT turntable, which by the way is not that easy to setup properly, but in doing so, is capable of some rewarding playback, depending upon your choice of cartridge. Even though the SCHIIT is only $650.00, factory direct, you will have to spend at least as much as the cost of the turntable to purchase a decent cartridge that is good enough to avoid wanting to get something else in 6 months or so. And then there is the setup. Not for the faint of heart. Especially if it's your first venture.  So, unless you can increase your budget to a point where you have enough to invest in a TT package that will truly satisfy the question you pose. I'd stay clear of it for a while and stick with the CD format.  That pretty well sums it up