FAQ - The Modern

How many homes are at The Modern Austin Residences?

The Modern Austin Residences will have 299 market-rate homes.

How many stories will the building be?

56

How do I learn more about The Modern Austin Residences?

Follow us on social media for the most up-to-date information (@themodernaustin on Instagram and Facebook), and be sure to fill out the registration form on this website. A member of our sales team will reach out within 24 hours.

How much money will I need to put down?

Earnest money payments will be broken down into two payments.

At contract signing, you will pay 5% of the base purchase price
60 days after contract signing, you will pay an additional 5%
Both owner-occupied homes and Investor homes will pay 10%
Earnest Money payments will be held in escrow by Heritage Title Company until closing.

Is your contract negotiable?

No, all pricing and contract details are as is and will not be modified.

Is there an Investor Cap for The Modern?

Yes, there will be a 35% investor cap.

Can I lease my residence?

Those who buy as an investor will receive a leasing permit and be able to lease their residences. We are currently out of leasing permits, but you may join the leasing waitlist for a fee.

Does the building allow Short Term Rentals?

No, we have a 6-month lease requirement within the building.

Can you give me more information on affordable housing?

We will have 20 affordable housing residences in the building for purchase. 17 one-bedroom, 2 two bedrooms, and a 3 bedroom. These will be sold closer to the completion of the building in 2025.
Qualifications will be based on 80% of Austin’s Median Family Income.

MFI is recalculated by the City every summer. For the current MFI chart, click HERE

For those interested in affordable housing residences, please indicate your interest on your online inquiry form or when speaking with a sales team member. We will reach out to those interested parties closer to the completion date of the building in 2025. We will be sending you updates on building progress via our monthly newsletters.
To explore The Modern Austin Residences Affordable Housing Brochure, click HERE

What are the estimated HOA fees?

Our estimated HOA fees will be ~$0.75 per sqft.

Do you work with Buyer’s Agents?

Yes, Urbanspace Real Estate is composed of Real Estate Agents themselves. We are happy to work with your Buyer’s Agent but ask that they be there at your initial meeting as well as your contract appointment.

Will you have accessible homes?

Yes, our accessible homes are designated with a “-A” after the floor plan name.

How can I learn more about the penthouse offerings?

Explore our Penthouse Brochure , HERE