It is entirely subjective. Personally, I would rather not be directly on the ocean. Lots of sand, dust, higher maintenance costs, etc.
The "ocean view" depends a lot on whether a good view, partial view, etc.
All you can do is find comparable properties and try to make your best estimate. In the case of condos such Luana Waikiki, it can vary by over 500% from no view to a direct water view. A condo near the street could go for $200,000, while the exact same one could go for over $1M on the beach.