So I am reading around and the 5th Ed of our Mage book, Street Grimoire seems to not only not be in print but the few copies I found are 200 dollars and I have also read that the book has many errors, and is poorly organized and numerous inconsistencies. I really wanted to supplement my game with it. I consider the 4 (mage, decker, rigger, Samurai) books as core books for players.

Is Catalyst redoing the book or is there going to be a release that fixes things?

Should I wait and see?

Redoing it? Why would they do that? It's perfect as is. And I think 6th ed may be out before that happens. What I'm saying here is Catalyst doesn't have the best track record when it comes to errata or fixing things in reprints. So you could wait and see. Maybe this time will be different. Maybe.
If you want the book I'd get in PDF from DrivethruRPG for $25.00 rather than $200 from whatever hard copy source you found. That way if there ever is a fixed release, you will get the updates without having to buy a new book. (An advantage of PDFs)

Some SG errata if you want to see some of the stuff that needed to be corrected.

Availabilty and cost unknown to me. Buy pdf, go to a print service, print in the best quality they offer. Take pile of paper, go to a book-binder. Talk about the options there. If - IF - you spend 200$, be one happy customer to Catalyst, the print service and the book binder. Stress happy, not customer.

I'd call up the local game stores around your area. I got lucky and found one special edition for $35. Either that or wait for it to be reprinted (which probably won't happen to be honest).

Yeah, Catalyst is giving a distinct impression of a company that is effectively done.

Over on ShadowGrid, one of the freelancers (who often communicates what is coming) said at the end of March:

Now, we've not seen the new errata, but that does suggest that there is at least a plan to be re-printing the book, presumably with errata added in. Which would suggest why it is currently out of print. So.... there may be hope for a new printing, although who knows when it will actually happen (or if it happens.... they need cash up front for a new printing, and they have other, newer, products, to get out on the market .... )

Thanks, Its May so I wonder if a new book will be ever released. I may pony up the money for the PDF.

Thank you all very much!

If you are looking at Amazon, keep checking. I was in the same situation when I was trying to buy Chrome Flesh - nothing but third party sellers with ludicrous prices. Then I saw a used copy for around $25.00 pop up, and snatched it right up.

Yeah, I doubt anyone actually buys the books for $200, but when all the realistic offers sell within a day or so, all that remains online are the offers nobody takes

I am curious however why this only affects SG. Is it so much more in demand than R&G, was the print run smaller, or is somebody hoarding copies?

Is the book itself out of print?

I was wondering if you can purchase it directly from the publisher.

I think it is out of print. Battleshop (Catalyst's store) doesn't list it as available.
You can double check for yourself through this.
http://www.battlecorps.com/catalog/index.php?cPath=28_193