It's the Marina, is all I can say. People who don't know the area probably don't realize what that means. The fact that the development had financial problems is not that unusual, giving our current economy. All of us in Real Estate are banking on the market improving eventually.
In my professional opinion try to get the larger unit, most buyers want 1,000SF or more. Send an email if I can help further.
Best of Luck to you.
Just to play devil's advocate a bit, There are some pretty incredible condos in Venice & Marina del Rey right now that are a lot closer to the beach with out the high HOA fees. On the topic of resale, I've always found that properties close to the beach fare very well on this score. Also, high density housing is the wave of the future and there will be nothing to especially recommend cookie cutter units in terms of value. Which brings up the final point... there are also usually plenty of homes in the area on full size lots for $600k to $700k.
Here's a link to my 'Beach Cities' real estate page which lists all of the properties available in these areas. Plaese feel free to contact me if you have questions or need more information. Best of Luck.
If you can afford the Marina and are willing to pay higher dues there are much better deals in the Azzurra, Cover and Regatta. Buyers in the Marina want views. For the same price you could snap up a great short sale in one of those buildings where the deals are abundant and the HOA a little bit more established.
The Carrabba Group
Keller Williams Hollywood Hills
HOAs are 500+. Kind of expensive for not much amenities. They told me they are building up HOA reserves and this maybe reduced soon.
Having a building that is mixed is a worse investment than one that is all privately owned.
Does the building have a HOA? What are its fees? That is important to find out and know.