I actually did have exposure up to about 0.7 I think (don't quote me on this, could of been higher or lower, I was busy waiting for my breakfast burrito just taking random pictures)... The picture was taken a little after 8am, and with that heavy cloud cover. Also the picture is facing the east so the sun hasn't quite reached over the mountains yet, so its going to give everything facing in that direction a much darker greyed look, as it does look darker and grey.
I'm going to the same place for dinner tonight, If I make it before the sun goes behind the mountains to the west, I'll snap another while the sun is facing it to show the huge difference that the time of day makes in this valley.
Next time I go for food that early, I shall try with the exposure more up around 1.7 and see what happens there.