Any film by Joe Dante is a cause for celebration, as far as I'm concerned. Gremlins, The Burbs, Small Soldiers are classics! This film seemed to pass me by when it was released a few years ago, but I finally got round to watching it and I loved it! Feels like a throwback to the 80s films where kids fought against evils that adults couldn't fathom. Reminded me of The Gate as well as The Monster Squad and a little of The Goonies.
Two kids find a hole in their basement and, along with their next door neighbour, begin unearthing its secrets. That's the simple description, but a fair amount of the film is spent engaging with the characters, caring for them. You can feel the eeriness creeping into the edges towards characters you care about and who care about each other. It's a slow burn until a scene in a pool when one of the kids is pulled underwater, and it shocks you into realising the stakes. They realise how dangerous this is, and so does the audience. After that it goes into overdrive, and the kids have to use all their guile to keep hell contained to their basement.
I loved it and would have no qualms about watching it again. A very refreshing horror film, something for the kids but also for the adults, who used to be kids when these types of films were commonplace.