Modern day faerie tale

I'm re-reading The Princess Bride, it's such a fantastic story. A great page-turning adventure with wildly outrageous vivid characters, and incredibly funny. It's relatively recent literature, in the grand scheme of things, and yet it's set back in an undetermined medieval/rennaisance-esque period. Almost all fantasy novels are set in the past in that undetermined point in non-history. I wonder if it's because there have been so many in that "time" that a precedence was set, or if we just fail to believe such things as magic and adventure are conceivable in this day and age? Perhaps that's why Harry Potter is such a sensation (beyond the fact that it's very well written and has a great story line) I'd like to see more modern day fantasy.