It sounds like you are talking about the Niguel Hills or Pacesetters communities. These communities have homes that were built in the 1960's and some will have a view. Price per square foot does not always give you a good basis for comparison. For a home in either of these neighborhoods, you could expect to pay $450,000 to $500,000 for a home that has not been upgraded. Homes in this area range from 1350 to 1750 original square feet with 3 - 4 bedrooms. In the last 3 months there have been 4 closed sales under $500,000; 1407 sq ft sold for $419,000 (one of the lowest sales prices since 2002), 1740 sq ft with a mountain view sold for $475,000, 1448 sq ft sold for $492,500, and 1856 sq ft with a hills view sold for $500,000.
There is a new bank owned property that just came on the market today with a view. It is listed at $509,500. It happens to be the lowest priced home currently listed in the neighborhood fitting your description. If you are not working with an agent, I would be happy to help with additional information.