I have to agree with everyone else on here and say RIA is the way to go. I got the full size model about 3 years ago and have loved it. I have about 1000 rounds through it without a single snag. I have seen them around $375 so they are well within your budget.
I shot a Para this weekend. I loved it so much I'm prolly gonna end up getting something around that way. The guy said he paid $600 otd. So that's pretty much at your budget (minus ammo, and all the goodies you woud want with it) Heck, I'm on the hunt for a 1911 that won't break the bank.