I've seen some under $400, but those were made in the phillipines & I've never own or shot one, so I can't comment, PARA ORDNANCE has a GI under $480if they made a subcompact 1911 that I could afford I would.
look at bersa. even if you don't want to go the .380 route, they do make 9mm guns as well.
I agree, if you dont go with the 26 then you should check out the kahr cw. Nice reliable gun for a fair price.