The Edo area seems pretty hip and has a few new and nice condo developments, also there are some old victorian homes in that area. There's some hip restaurants in that area.
Edo = East of downtown (I know some posters on this forum will cringe at that name "Edo", but what else should I call it - that's the name it goes by these days).
Also, downtown has some great areas, but even though there are some good restaurants and a "Flying Star" (awesome coffee shop) the nightlife seems to be geared more toward the younger (early 20's) single crowd.
I'm not sure about this one, but I heard that the Barelas neighborhood is becoming sort of a "funky" area with a few galleries. You might to research this one. There's a member of "Duke City Fix" (
Duke City Fix - Life, food, events, and community in Albuquerque, NM who writes about the scene in Barelas - her name is Barelas Babe.
Here's a link that gives a brief on each of the neighborhoods I listed above:
http://www.downtownabq.com/cms/index.php/ourneighborhoods/ (broken link)