El Magnifico is on the east end of Cabarete bay. Very well run condos that are in good condition. It's been a couple of years since I've stayed there, but some friends were there for the first time earlier this year and very happy with it.
Magnifico is beach front, but the ocean there has a lot of cross currents and the sand is not the best. A 3-5 minute walk west along the beach toward the center of the bay and you'll find good water, nice view, palm trees to sit under, and chairs you can rent for the day. It also puts you in front of the bars/restaurants you'll most likely want to visit.
At night, the walk to the hotel down the beach is a little dark from the restaurants. I'm comfortable doing it in a group and have many times, probably would go along the street if I was alone, though.
Don't worry, you've chosen a good condo. Spend your energy now deciding what you're going to do for fun