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Tech talent chasing cheap housing is fleeing Silicon Valley and Denver is one of the top 5 destinations, real estate CEO says

Bidding wars have died down in Denver, except in Athmar Park, Redfin’s 25th most competitive U.S. market

City inspector Steven Baptista performs an outside visual inspection on a duplex in the Athmar Park neighborhood on May 17, 2017 in Denver.
City inspector Steven Baptista performs an outside visual inspection on a duplex in the Athmar Park neighborhood on May 17, 2017 in Denver. (Photo by Kathryn Scott/The Denver Post)
Tamara Chuang of The Denver Post.
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Denver got a shout out from Redfin CEO Glenn Kelman during CNBC’s “Power Lunch” on the “ from Silicon Valley.

“Google employs more engineers outside of Silicon Valley than it does in Silicon Valley. And if Google can’t afford Silicon Valley, then no one can,” Kelman said . “I think that’s a harbinger of things to come. The tech companies, the Wall Street companies, they’re chasing talent. The talent is chasing affordable housing.”

And the top cities to find affordable housing? Or, as anchor Melissa Lee asked Kelman, the hottest city to invest in a home right now?

“Seattle, San Antonio, Dallas, Denver, Houston,” he said. “Houston got flooded and it’s still going to be hot. People are crazy, nothing will stop them from going to a place where they can really afford a large home.”

Redfin, a real estate brokerage, recently ranked Denver’s Athmar Park the 25th . The rest were in San Jose, Boston and Seattle. For the region, however, only 27.5 percent of Denver homes represented by Redfin agents had bidding wars in 2017, which was below the national average of 50.1 percent.

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