I actually think it will last longer than most. The economy in CO is strong, we have a large influx of people every year, and it's going to continue to be busy.
My brother is in the price range you're talking about. He's a principal software engineer for a technology company here in CO, and his bank is telling him he can be approved for a lot more than he's willing to spend. He, however, is not looking at subdivision houses for $500k. He's looking for minimum 2 acres, and a house. He wants to stay here for a list of reason, much the same as mine.
Family/Friends
Current Job
Activities - we're spoiled with Ski/Snowboard country (others here too, but that's the big one that is geography based)
For me, I've been all over the country and world, and I haven't found a better place to live yet (current political climate, and likely worsening climate, not withstanding).
I used to think a crash was coming soon, but I don't anymore, for the reasons you listed.