Set on the highest point of the caldera's rim, Imerovigli (the name means Watchtower) is what Firostefani was like a decade and a half ago. It is now being developed, and for good reasons: it is quiet, traditional, and less expensive. The 25-minute walk from Fira, with incredible views, should be on everyone's itinerary. The lodgments, some of them traditional cave houses, are mostly down stairways from the cliff-side walkway. The big rock backing the village was once crowned by Skaros Castle, whence Venetian overlords reigned after 1207. It collapsed in an earthquake, leaving only the rock. A trail descending from the church of Ayios Georgios crosses the isthmus and encircles Skaros; it's only 10 minutes to the castle top. After 1 km (½ mi) it reaches the small chapel of Theoskepasti with a memorable caldera view.