There are a lot of very interesting sites to visit in the area:
the island of Spinaloga which is very close (10 min drive to Plaka and 10 min on the boat)
http://en.m.wikipedia.org/wiki/Spinalonga
http://www.tripadvisor.co.uk/Attraction_Review-g189416-d547593-Reviews-Spinalonga_Kalydon-Elounda_Lasithi_Prefecture_Crete.html
the village of Plaka, beautiful and with great taverns
http://www.east-crete.com/plaka.htm
Byzantine buildings with very interesting architecture
http://www.tripadvisor.co.uk/Attraction_Review-g189414-d4894017-Reviews-Panagia_Kera_Byzantine_Church-Agios_Nikolaos_Lasithi_Prefecture_Crete.html (about 20 min drive from the villa)
the unique island of Chrysi
http://en.m.wikipedia.org/wiki/Chrysi_(island)
(about 30 min drive to Ierapetra and about 35 min on the boat)
a lot of beautiful "mountain" villages with fantastic local food, hiking paths etc
There is water skiing, scuba diving etc at the nearby hotels (3 min drive) as well as at the town of Elounda (5 min drive)
There is now a Horse back riding Service at the village of Fourni (25 min drive) where one can take lessons outdoors or just a tour to experience the picturesque village, the pathways through the olive trees or even a gorgeous sunset through the mountains of Lasithi.
There is a golf course http://www.portoelounda.com/en/golf and a spa http://www.portoelounda.com/en/six-senses-spa just about 3 min drive from the villa inside the hotel of Porto Elounda
As well as the 18-hole Golf Course of international standards just 30 min drive away http://www.cretegolfclub.com
Great restaurants in the area, by the sea, as well as inside the hotels and authentic traditional taverns in the villages nearby
Clubs, a few in the town of Agios Nikolaos (10 min drive)