We stayed in Nora's flat for a week, early in May 2013. The location is wonderful and is in easy walking distance to most visited tourist sites.
The balconies overlook a lively square however noise is not a problem as the doors have double glazed windows that virtually eliminate any noise at night. The flat is comfortable, well appointed and spacious for 3 adults. The square and surrounding area has great bars and restaurants, the new Mercado San Anton, which includes a supermarket and a metro stop.
Ira, Nora's friend, who met us in the square; was most welcoming and helpful, especially when two of us needed medical help. She also introduced us to local people and recommended places to eat, shop and stroll.
In addition, de Chueca is a wonderful chic and hip area with LOTS of shoe shops.