In the past I have had the exciting privilege to represent a number of properties in the “rova” or Jewish quarter of the old city of Jerusalem. One in particular that sold had a direct view of the Cotel from the living room and the rooftop balcony. A spectacular property; it was hundreds of years old and the owner had purchased it in ’67 right after the 6-day war from its owner at that time.
It was then I encountered the requirements and positions of the management company or vaad that oversees the Jewish quarter. The history, mystique and profound nature of the Jewish quarter make it a prime investment even with the challenges of parking, getting in and out and the constant flow of tourists through your neighborhood. As I handled the sales contract I personally discovered the management company was like a party, in addition to the seller and buyer and city that was part of contractual issues.
According to the Jerusalem Post the residents (about 500 families) are wanting to change management back to the municipality to handle zoning, mannagement, parking and other issues related to all other Jerusalem communities.