How accessible restaurants and town is depends on how far north you stay. Bicycles are great during the day, not practical at night.
I've never stayed north. It is beautiful, but I want to be closer to town. Purely a personal choice.
There are some nice villas south of town. It's expensive, but look at Casa Tortuga. I've never been inside, but it's beautiful. Even though you'd either have to take cabs or get a golf cart, you're on your own time, and not on a water taxi's schedule.