There is a tradition of the townsfolk wearing fancy dress on New Year's Eve, when the streets are thronged with revellers in inventive outfits. Looe has been on the list of the top ten places in the UK to celebrate New Year, and ranked third on the list for 2007-08. Looe is regenerating itself, like many other ports, to serve as a small cargo port. On the high ground north of East and West Looe there are many modern houses and a recreational area called 'the Downs'.