FAQ - The Modern

How many homes are at The Modern Austin Residences?

The Modern Austin Residences will have 300 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.

When did Modern sales start?

The Modern Austin Residences public sales process began in March 2022. Limited residences are still available.

Can I meet virtually?

Yes, your Modern Sales Team Member will be able to walk you through the whole process virtually, should that be your preference.

How much does a Modern Austin Residence cost?

The Modern came to market with a wide price range starting in the $500s ranging to $5M+. Our pricing is dynamic, and as floor plans sell, we will be raising our prices to align with market demands.

When will you be accepting contracts?

We began writing contracts for the public in March.

What will I need to receive a contract appointment?

To receive a contract appointment, you must have already met with a sales team member.
Give your sales team member a pre-qual letter from one of our preferred lenders, show proof of funds, or a letter from your financial advisor for the price range of the floor plans you are interested in.

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
180 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. There will be an additional fee associated with receiving a leasing permit; please contact your sales team member for more information.

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 late 2024 / early 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 late 2024 / early 2025. We will be sending you updates on building progress via our monthly newsletters.

What are the estimated HOA fees?

Our estimated HOA fees in today's dollars are $0.65 per sqft. We forecast them to be $0.71 per sqft when the building delivers in 2025.

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: [dflip id="4304"][/dflip]