CBR doesn't have private balconies and I really enjoyed being able to make a cup of coffee and step outside to a courtyard that is actually pretty private and does overlook the lake/beach. The grounds are beautiful and very well maintained. Being the first one up every morning I always went outside so as not to disturb the rest of my crew while I enjoyed my coffee. CBR's "water view" isn't like the Poly's view meaning it's not a huge body of water but more like an alcove from Trinidad North's view point. Check out safetymom's thread on CBR. She has pics from most of the villages.
You'll love CBR if you haven't been there before, it's very tropical and island feely. To me the extra $$ for a water view just isn't worth it.
Good luck in your decision