I live in Malibu and have sold real estate here for 21 years. Your buying power has never been better here. There is a possibility of buying a home in the canyons for $1.2 and there are wonderful town homes in that range.
Feel free to search on my website anytime or contact with questions you may have.
There are usually a number of hillside view homes in this price range from Pacific Palisades and Topanga to Malibu and Zuma Beach. Of course you won't be getting a place on the beach or in Downtown Malibu for this... but they're there. Properties of this type are usually modest 2 to 4-bedroom homes from the 50's, 60's, and 70's built before prices in the area started going deep-pockets.
My website always has all the listings available in Malibu and I'd be glad to send you custom reports for homes of this type if that would be helpful. Please feel free to contact me through my profile if you have any questions. Best of Luck.