It may seem a little odd that I am answering this question seeing that we are a firm located in Chicago. But having customers from all over the world, having lived in California myself numerous times as a Naval Officer, I can tell you that a fantastic view is priceless. This combined with the fact that 30% of our nations housing foreclosures and bank owned homes can be attributed to two state CA and FL, I would think you could capitalize on the market and purchase the better home (the one with the view) for a fractional premium compared to the future value of this property in a corrected market. Views invoke freedom, power and expansiveness. You really cannot put a price on that. That is why the real estate industry creates "comp's". A comparison of "similar properties. Comp's are only good for establishing a baseline. After that, things like views become very valuable and important.
Best of luck!
The Schaffer Realty Group
yes, there are some homes in the 900s range, but there are townhouses that have views, which run in the mid 500s to low 600s. I'd like to know more about what you are looking for. There are great homes on both the north and south end that have views and yes you pay a little more, but the prices are still pretty reasonable