People that purchased real estate in Jackson, Wyoming during the 1970s and 1980s are dancing a jig today. That is because this southern entry community to Yellowstone National Park has seen real estate prices rise twenty-fold, or more, as some of the nations wealthiest individuals purchased real estate in the area. The same is true of Aspen, Vail, Park City, and many other Rocky Mountain resort locations.

With a massive downturn and recession upon us this question remains: Where is the next best place. One that is not so overpriced, where the downside risk is minimal and the upside is related to the right catalysts for growth? There is no question that the economic law of substitution will drive many Americans real estate decisions going forward – burn me once shame on me, burn me twice shame on you.

How about an authentic mining town from days gone by that still has very affordable skiing and all of the other mountain outdoor recreation you have come to associate with the Rockies? The ski area has spent millions on lift, snowmaking and trail upgrades and has more future plans. In fact the town has seen over $70 million in new commercial and residential developments including a new high school and a new hospital.

A lot of towns in the West are having a tough go in the current economy; the exception are those towns where prices never ran up so high. Over $70 million in commercial and residential development has occurred in Red Lodge in the past 24 months making it the single biggest expansion in its history.

Red Lodge serves as the northeastern gateway community to Yellowstone National Park and has every conceivable type of recreation including ice climbing, skiing, trout fishing, horse trails, hiking trails, biking trails, its a Mecca for kayaks, the backpacking is the best in the region, and there is an 18 hole golf course in the City. Red Lodge real estate is some of the best priced resort property in a six state region. Montana real estate is a buy, but Red Lodge real estate is a screaming buy.

In all of the Rockies this is still the cheapest dirt in any town that has a ski hill and a golf course: Which leads to the big question of why? One hypothesis is that while the money was flowing in all segments of the economy price was not so much of a factor. Now price is becoming the biggest factor so undiscovered gems like Red Lodge probably won’t last forever.

The Spires at Red Lodge is the areas newest, and largest, development and borders the new Hospital and the golf course. The Spires doubled the City of Red Lodges park space, created over 3 miles of trails, and has clear views of several 12,000 foot peaks. You can visit their website by Googling Spires at Red Lodge.

There are no fewer than 25-plus annual events held in the area, most occurring during the summer months. Last summer Willie Nelson showed up for a small concert in front of 7,000 fans at the rodeo grounds. Other events include one of the oldest triathlons in the nation called the Peaks to Praries.

There are so many national events here on an annual basis that it is tough to find room to name them all. One of the more popular summer events is the Harley rodeo during the second week of July.

Luckily the town is under one hour away from Montana’s largest city so you do not have to feel very isolated as everything you could want culturally, medically, travel related, and so on exists there.

Towns like Red Lodge are popular with retirees and for good reason. How many Rocky Mountain resort towns do you know of that had over 20 homes listed for under $200,000 in the beginning of 2009? Answer: you won’t need many fingers for this exercise. There is a lot of sunshine on the eastern front of the Rockies too, so you’ll never miss your daily dose of Vitamin D.

The amount of homes under $200k in this region and the amount of land well under $100k is enough to make even the most fervant fans of a “blue light special” salivate with anticipation.

The town also boasts nearly 300 days per year of sunshine being on the eastern front of the Rocky Mountain range. Red Lodge also has more restaurants and bars per capita than any other city in Montana, so there are no lack of places to eat, drink and be merry.

Yellowstone Park is about one hour away and the famed Beartooth Pass is just 12 miles south of town and climbs from 5,800 feet in elevation to just over 11,000 feet. This highway was called the most scenic highway in America by journalist Charles Kuralt.

Whitewater rafting and fly fishing on the Stillwater River 30 minutes west are always popular summer activities and the areas trails provide tremendous hiking opportunities for all age and ability levels.

Fly fishing on the Stillwater River, the Clarks Fork, Rock Creek, Willow Creek and the Shoshone are always guaranteed to please. The world famous Bighorn River is just a 90 minute drive away and provides some of the best tail water dam trout fishing anywhere in the United States.

Mountain bikers will have a great time on the Silver Run trail (10 minutes from town), the Meteetsee Trail (south of town), the Palisades Trail or on one of the many trails at Red Lodge Mountain Resort.

Red Lodge Mountain Championship Golf Course offers up a challenging course with tremendous mountain scenery for those who prefer a day spent on the links.

If you have not yet visited Red Lodge and investigated the incredible real estate opportunities in this last best place in the Northern Rockies then its time to get on your pony and ride on out here.