Looks like we have us some experienced avid Bicycling enthusiasts around here...Sorry C2 to hear about your accident!

Father time is catching up to me and I haven't taken the best care of myself over the past 10 years so I wanted to find something to get me active that would get my heart beating while being fun at the same time. I partied alot in my first 30 years and now I'm find myself slowing down a bit. Now more than ever it's dawning on me that we need to start taking care of ourselves as we get older to in order to get optimum longevity out of our bodies. Anyhow I've chosen biking as one of the forms to get some exercise as they have some really nice bike trails down here in Southern California.
I ended up getting a cheap bike at my local target. Big mistake but I didn't know whether I was going to 'like it' or not so I was conservative and didn't want to spent a good chunk of change. But that bike lasted about a week before it started completely falling apart. Now I'm broke and stuck with it until I can afford something better...the good thing is the bike is a workout because the gears don't work. The bad things is it's dangerous cause the breaks down work that great either. I have to slow down way early whereas I think most good bikes can stop on a dime.

I don't want to come here to SUO with my own tale crashing. That's one of the things that really scares me about bicycling...
Some of these pedestrians and motorists out there that are oblivious to others around them on the roads. I try and be aware of all times of the people around and always slow down when going around a corner I can't see around. But riding on the surface streets is totally crazy...and not something I think I would be comfortable with. Many Motorists don't seem to have any respect for cyclists so I'll be sticking to the bike paths and side walks.
So when it comes to biking I'm as green as a four leaf clover I'm trying to learn as much as I can but I need to get a real bike.
I want one that is fast...very fast but need to keep it under $1000. I'm tired of being whizzed by other bicyclist twice my age on my $70 Magna Bike that has no functioning gears...LOL!
I'm leaning towards a road bike with a flat bar. Possibly a Trek 7.5FX or a Specialized Sirrus Comp.
I'm not looking to compete in a triathlon anytime soon. I'm understanding it takes years to build up stamina and cadence. The bike I want is mostly for personal exercise and enjoying the scenery here in Southern California but I really want to be able to go FAST when I push it.
What kind of bikes are you guys riding? Any suggestions on what might fit the bill for me? I'll be doing a good amount of research before I finally decide on a bike that fits my needs.