Michael Podwalski and his wife Kate relocated to Calgary from Ottawa three years ago and purchased a starter home in upper Cranston, practically sight unseen.
The experience worked out exceptionally well. So last year, they commissioned the builder, Cedarglen Homes, to build their dream home in Cranston’s Riverstone.
When an opportunity arose to expand their financial portfolio and leap into real estate investment, the couple went with Cedarglen Living, the multi-family arm of Cedarglen Homes, purchasing a two-bedroom, two-bathroom condominium with an east-facing balcony at Seton Park Place in Seton’s new urban district.
CREB®Now: What factors led you to believe that Seton Park Place would make a good investment?
Podwalski: It’s an interesting property. My father-in-law introduced me to the project in November of 2016. He was riding by on his bike and thought that it looked really cool. We could see that there was going to be a lot of growth in that area going forward.
Seton just has that downtown-type of feeling with all of the conveniences circled around it – bars and nightlife with Tommy Fields, plus shopping with Superstore, Save-On Foods, Shopper’s Drug Mart, and the new YMCA – not to mention the largest attraction of the area, the South Calgary Health Campus and the employment that it creates. And Seton Park Place is located right in the middle of it all. The Green Line was also a big factor and the big news that pushed me over the edge was the recent approval of the 212 Interchange, providing another exit into the area from Deerfoot Trail.
The Green Line was also a big factor and the big news that pushed me over the edge was the recent approval of the 212 Interchange, providing another exit into the area from Deerfoot Trail.
CREB®Now: What clinched the deal?
Podwalski: A few things. I was really interested in the project as an investment, but at the time that I was introduced to it, back in November, we had just found out that we were expecting our first child and we really weren’t in a financial position to move forward, even though I knew it was a good buy. But, about five weeks ago, I ended up going to a Montreal Canadiens game at the Saddledome. I grew up in Montreal, so I was pretty excited and I invited a couple of friends and we played the 50/50 and we won. I found myself with some extra money and within a week, I had made the decision to buy.
CREB®Now: Your primary residence is in Cranston’s Riverstone. Did this influence your decision to buy an investment property in the area?
Podwalski: This is my first investment property, so of course I am interested in managing it and having the location close to my primary residence was really important. My wife and I really love both upper Cranston and Riverstone, all of the walking paths, the active lifestyle, and the proximity to nature. And we use all of the conveniences in Seto. I’m really looking forward to joining the new YMCA when it is completed. And you never know, if we decide to downsize, I can see us living in the condo because we know the area and we really like it.