I’ve been on a villa holiday to Playa Blanca a number of times (got back about three weeks ago from the latest).
The resort is quiet but does not have much of a beach. However it has plenty of nice eateries to suit all tastes. It also has a very good promenade stretching beyond both sides of the town and around the port which is ideal for an evening stroll. If you go for a villa always go for one bigger than you need (with at least one more bedroom than you require). This is because although there are always enough beds, the other space – including that around the pool – will be a bit tight. Villas in the Canaries tend to be a bit more cosy than those in, say, Greece or Portugal. Have a look at this company:
http://www.villaplus.com/
They have a few villas in the “Los Calamares” area. This is a quiet area with a mixture of residential and holiday accommodation but is only about ten minutes walk from the centre of town. If nothing in that area suits they have plenty of others. Although their pools are heated if you go in October you will not need it. When we were there in early October it was 30 degrees by day and not much below 23 or 24 at midnight and the pool was quite warm enough for a midnight dip before turning in :-)