Colorado’s homestead exemption applies only to property “in
the state of Colorado.” Colo. Rev. Stat. § § 38-41-201.
In re
Wilson
, 2015 WL 1850919 (D. Idaho 2015) (Colorado statutes
allow homestead exemption only on property located within
that state);
In re Kelsey, 477 B.R. 870 (M.D. Florida, 2012)
(Colorado has limited the application of its homestead
exemption to property within the state.)

So, if nonresident debtors must use the state exemptions, they
will not be able to apply Colorado's homestead exemption to
out-of-state property. One court has permitted such debtors to
to use the federal saving provision to substitute the federal
homestead exemption for that of Colorado.
In re Kelsey, 477 B.
R. 870 (M.D. Florida, 2012) (Under the savings clause,
debtors who have out-of-state property may substitute the
federal homestead exemption for that of Colorado.) But
another court disagreed.
In re Wilson, 2015 WL 1850919 (D.
Idaho 2015) (Because Colorado permits nonresident debtors
to use some of its exemptions, they may not use the savings
clause.)

But the correct view is that debtors who are not Colorado
residents can use the federal exemptions. See the federal
page for Colorado.