Altea la Vieja (Vella) is a village about 2 miles inland from the centre of Altea. It's located on the CV755.
Mascarat is a lovely port/Marina about a mile to the north of altea. There is a mas y mas supermarket on the main road N332 above Mascarat but not many traditional shops in Mascarat, you would be using the car all the time.
If you love Altea I'd be inclined to buy in the town itself.
Steve