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best areas to live in Valecia. (Valencia)

Greeting, I'm a Brit looking to buy in Valencia in the not too distant future, at the moment it's a toss up between the city & the beach. Approaching 50 & not being the party animal I once was I'm leaning towards the beach (though the city might be the better option if I choose to rent it out). I haven't visited Valencia for 10 years so what with the Americas cup & the Grand Prix I'm guessing things have changed somewhat around the port/beach area.
So what I'm looking for is anyone who can give me info about the pros & cons of living in Malvarossa & Cabanyal, are they safe/dangerous after dark, are they great places to live or so grotty you wouldn't house your dog there. Haven't ruled out the city so am open to anyone willing to convince me that's the better option. The more info the better. Thanks Richard.