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The less-known but arguably better-value cloud forest option, Santa Elena Reserve offers a single ticket for all-day access to all of the park, all of the trails. There are 5 trails of varying lengths and difficulties, and if hiking is your thing, you could easily spend a full day at the park to explore them all. If you prefer to just hit the highlights, try the green ("Youth Challenge") trail and be sure to check out the Observation Tower - it offers 360-degree views, and if the clouds cooperate, you can see as far as Tenorio and Arenal volcanoes on the horizon.
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Home of the longest zipline in Costa Rica!
Free hike just east of town. Starts behind the gas station. Steep hike with a nice view at the top, weather permitting.
Monteverde Sunset Viewpoint
This viewpoint is literally on the side of the road, on the right just past Ona's Cafe (if you're heading out of town). Four benches, easy to miss if you're not looking for it. Great view out across the valley, facing west which makes it perfect for sunset viewing (but worth a quick stop any time of day).