Punta is the place to be in South America if you enjoy beaches, delicious food, interesting people and security.
Punta del Este's summer scene is often compared to St. Tropez or Cannes in France and the Hamptons in the US.
Basically, there are 3 prime locations: the Peninsula, La Barra and Jose Ignacio.
La Barra offers many advantages such as its walkability, seaside village charm, coastal vistas and surf and accessibility to resources for 'true living.' (see above, i.e. bars, restaurants, 'tiendas',...)