Hey -
Wow loads of advice - all are great! You need to decide what is more important reasonable work commute or nightlife options? Where is the balance and where will you spend a majority of your time?
Suggesting is to look in the middle of your work commute and your social life commute such as in Tsim Sha Shui/ Tsim Sha Tsui East - places like New World Center and the Meriden both are top notch. If you are going to share cost the price can be very reasonable but if your budget is more strapped or you rather keep under the budget you menetioned check out in the areas of Hillwood Road, Kimberly Rd, Austin Avenue, Cox Road.
I lived in the Mid-Levels for abit and worked in Shatin - the commute almost killed me. Getting out of the Mid-levels in the morning was horrific - mini buses full and double decker buses full and taxi's to Admiralty MTR not so easy to get as everyone was in the same situation... so humid that by the time I walked down the escalator to the Central MTR I was dripping in sweat. Plus, if I wanted to go out at night I had to commute all the way home shower and change and then go out but then I relocated to Tsim Sha Shui East and it worked out that I went to work came home - showered - then proceeded to go out. As my home was right in the middle of my commute to work and my commute to nightlife excitment. But now TST Knutsford Terrace is Wow has so much and Ashley Rd too - before these TST places were mediocore but now they are very lively.
Best of Luck! Hope to meet you when you arrive in Hong Kong at one of the Fabulous GEOEXPAT events.
