How sustainable are prices on the West Side right now?

[Patrick Young]

I've been following the market for the last 3 months, looking to buy my first home. I watched Edgewood/EAV appreciate like mad in the last 3 years and am seeing the same thing happen in Westend, Westview, Adair park, etc. I was at an open house in Bush Mountain this weekend that has 20 people sitting outside waiting on the realtor and the home already had an offer.

We're seeing fix'n flips in the $260-$350k range in areas that a few years ago were $150-200k. From a buyer's perspective there are no homes of value left unless you do a 203k and the work yourself. I've got the resources to pull that off so that is a possibility, but how much further are these prices going to raise and how long will they stay there? My rent is $8400/year, and I'm trying to figure out if it's worth it to rent for another 1-3 years and see what the market does and try and get a home around $200-250k instead of $275-$325k.

Yeah, the belt line is coming, blah blah etc, but what real development has occurred? I think prices are inflated on speculation and it's not wise to buy a house and essentially pay for the speculated future appreciation. You investors are lucky, you only have to speculate a few months out and rake it in! Ha. I'm on the wrong side of the table.

Thoughts? Advice?