Having wandered around Venice great deal in my short time there, I simply cannot imagine a better location! Close to everything, but, VERY importantly, out of the madness of the overcrowded tourist areas. The local Coop supermarket is close and excellent, the apartment is beautifully done, comfortable, and feels like a real apartment people may live in - not just a tourist sleep over. I think the price was very good value.
When I go back to Venice I won't even bother looking elsewhere, and I'll time my visit according to whether Sandra's apartment is available!