Hi Brandon ,
Why one earth does you want to buy in Budapest? Do you speak Hungarian? I've heard it's a very difficult language - it's not even Indo-European. In my opinion the East European boom hasn't got much longer to run.
I don't know much about Hungary. I do know about Slovakia. Bratislava is jam-packed with expensive new builds, that often aren't in the centre. If you do want to buy a flat in Budapest I would suggest (I may be wrong) that you go for a flat in an old block - pre-1914? - that's bang in the middle of town. In my opinion that kind of property is most likely to keep it's value if and when the East European bubble pops. However you might decide to wait on the sidelines until 2010, and maybe pick up a few bargains.
Remember, in most cases, post-1989, EAST EUROPEANS HAVE NEVER EXPERIENCED A PROPERTY CRASH.
Thanks
Brayan