That depends on international investors.

A lot of high end London property is empty, bought by foreign investors who are more interested in bubble income than a place to live.

It's a similar story in other cities around the world - including obscure places you might not expect to have a property bubble. As soon as there's a hint of upward price pressure, investors pile in and the bubble begins.

London's high end bubble has popped now, and there are literally thousands of >£1m apartments lying empty, slowly dropping in price until they become affordable or - more often - the company that owns and/or built them goes bankrupt.

https://www.theguardian.com/business/2018/jan/26/ghost-tower...

£1m is a few bedrooms flat, less than one hour from the center. I wouldn't call that a luxury apartment but it's certainly beyond what the median will afford in their lifetime.

Do you have any reason to think this is the case in Denver? Or are you just saying that it's happened in enough places that it seems reasonable to suppose that the same thing is happening here?

Completely anecdotally, a lot of people are migrating to the Denver from the SFBay area. Denver (and the surrounding areas) has a very high quality of life, a burgeoning tech scene, good health care systems (a number of my doctor / nurse friends have recently moved there for positions), and a relatively low cost of living. It's a short, easy flight from anywhere on the West Coast and it's not too bad from the East Coast either.

Indeed, Colorado is the 6th most popular place to move to from California according to that out-migration post the other day: http://lao.ca.gov/LAOEconTax/Article/Detail/265

Google, Slack, Strava, Gusto, VMWare, etc. etc. all either have offices or will shortly -- This boom seems much less energy-driven and more sustainable. Which sucks a little for my relatives who are public school teachers there and can no longer afford to live near the schools that they work at...

The Californians were moving there long ago, or at least the Coloradans thought they were. We now and then saw "Don't Californicate Colorado" bumper stickers in the 1970s.