Diann Tonnesen | Sat October 27th, 2012
Prices have been slashed by another 30% or more at The Modern as they get set to auction off 25 luxurious loft style condos on November 18th. Residences to be auctioned off range in size from 1234 sf to over 2,000 sf, with minimum bids starting from $165k on the smallest units (previously priced at $260k+ and originally priced from $400k+) and from $260k on the largest units (previously priced at $360k+ and originally priced from $650k+).
This is great news for buyers in the Las Vegas market, who have been scrounging a VERY sparse array of inventory for the past few months looking for a "deal." Cost to build this complex was approximately $540,000 per unit, so word of further drastic price reductions caught local agents by surprise! Las Vegas is currently experiencing a very strong seller's market, with prices rising more than 10% overall since January 1st.
The Modern is a sleek contemporary condominium community located on the west side of Las Vegas with great views of the Red Rock mountains and the Strip. It was developed for those seeking a quieter more intimate "neighborhood" feel, but with all the security, conveniences and upscale amenities of a luxury high rise development. All the finishes are extremely high end, and there is a two story fitness center as well as secured subterranean parking.
In preparation for the auction, buyers can contact their local real estate agent and arrange a preview of the units that will be up for bid. Units can be viewed Wednesdays thru Sundays from 11am to 6pm. Please call 702-985-7654 to schedule an appointment and get directions to the project. The actual auction will be held at 1pm at the Renaissance Hotel on Paradise Road on November 18th.