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It might not sound like much but it is definitely noticable. I lived in 92606 off Culver and Walnut for nearly 20 years before moving to QH and there is easily a solid 3~5 degree (F) difference in temps on any given day, especially in the summer. You can literally feel the ocean breeze here.
Hey, I live in Woodbury! Yeah, the houses here are pretty darned expensive. It's a really nice area though, you'll love it. Hope to see your Z around here, future neighbor.
I'd buy it. 2 years ago, that same place might have sold for the mid-700's.
When the real estate slump is over (WHEN, I don't know...5 or 10 years?), hopefully the prices will start to rise again. You will have made a good investment.