Palermo (the "hip" area) nowadays reminds me a lot to the 90's in San Telmo. I used to live there and being 6'2 and native Spanish speaker still would get some chills when not in a crowded/well lighted street. Palermo got dodgy (used to be mostly residential) and San Telmo dodgier.Is Palermo safe? any more?
Palermo: denounces more than 600 thefts in 90 days.
Palermo Neighborhood Association for Security Autoconvocados recorded, from 1 November to 31 January, 616 allegations of theft: 323 (52.5%) were in the street; 158 stores, 56 assaults type piranha, 49 clients of restaurants (usually in houses fast food) and other 30 cases. According to this map of the crime, or the Commune Palermo-14, as these neighbors say from March to November 2013 had been received as many complaints of thefts from shops and on public roads.
Both of those tourist magnet places are gold mines for quick thiefs that can get something just "apurando" even faking a knife/gun with a finger in their pockets.
I found Recoleta the safest of the tourist attractive spots. For sure there are safer areas in BA, go to Puerto Madero, or Barrio Parque/near Paseo Alcorta with all the ex-minister houses and Libertador towers. But a. If you get an apartment there, will cost you more than a suite in a 5 star hotel and b. there's not really much to do nearby, no subway lines around, etc.