First: There could hardly be a better place to stay in Taormina (and in Sicily). It is an optimal located, equipped, clean, nice flat. And the owner (Concetta) is very very nice and helpful.
Location in Town: It is 50m away from Porta Messina, where the pedestrian precinct of Taormina starts (the other side is Porta Cantania, which is more far away from everything). This is also the side from where you can walk quickly to Parking Lot "Parcheggio Lumbi" (61€/week, 25/day - there is the free shuttle bus stopping 75m from the flat). Here, It is the better side, because everything important is closer:
I guess it is roundabout 300 m to Teatro Greco. 300m to the Bus Stop and the Funicular and, as I wrote, close to the stairs to parking lot or to where the shuttle bus drops you off and picks you up.
If you are on the other side (Porta Catania) you need to walk through the whole pedestrian precinct!
Flat itself: Very clean, Italian furniture style, very nice balcony from where you look into a nice park, where mostly nobody was. We heard from everybody that Taormina is pretty safe in every sense - and not as you might expect from all you hear about Sicily ("the godfather" and so on").
Concetta is a very nice host. The whole experience was a very positive surprise. Price is very fair compared to this "high class" touristic town of Taormina. Taormina is an exception in quality and reputation in Sicily. Type of tourist like you find in Florence.
And the flat is also: The bed is good, it has an A/C, the bathroom is clean and everything works ...
... and last but not least the nice welcome with cake and coffee.
We think about coming back...