I would paint the end stucco walls a bright chartreuse green, cobalt blue or terra cotta red. Then place very large tall trees in large scaled planters at each end in front of the end walls but closer to the balcany edge. You coud hang a contemporary water fountain on one of the end walls and a rectangular mirror on the other end wall. Then add two pair of chairs and a small table, one pair at each end of the balcony, leaving an exit area from the livng room between the two seating areas. The small tables between each pair of chairs could be no larger than 10"-12" square or round, just to hold a couple of cocktail glasses. This would still leave room for people to lean aginst the balcony edge with a glass of wine and congregation. It is a very shallow space so don't try to create bench seating along the exterior balcony edge. You want to create a conversation area and possible viewing spot. Unless you really like to Bar B Q I would skip squeezing one in this small space. Instead make it an extension of your living room as everyone will gravitate to this space anyway.