I'm considering a new hand gun... HELP!

Unfortunately Colt is enduring financial issues due to them losing the Government contract sell the M16s. They filed for Bankruptcy. I would avoid Colt for the time being. The SA 1911 Mil Spec, Loaded or Range Officer fall within your price range. And the more you fire them the better they get. Buy several of Wilson Combat magazines and you are good to go. If you are still undecided many shooting ranges rent guns so you can try them all. They may be thrashed but should be safe. 1911s are just fun to shoot.