COO of Skechers buys penthouse at Turnberry Place for $3.7M

David Weinberg, the chief operating officer at Southern California-based footwear company Skechers, paid $3.7 million for a penthouse at Turnberry Place in the largest high-rise transaction during the first quarter.

Weinberg, who lives in Hermosa Beach, California, closed on the sale March 11 in an all-cash deal. The seller was health care company owner/executive Mark Evenstad.

Weinberg paid $649 per square for the penthouse on the 33rd floor. It has five bedrooms and seven baths. It measures 5,779 square feet.

It’s been referred to as the Tiffany Penthouse and has its own private elevator that leads to wine walls, a wine tasting cellar and a full-circle bar.

It has piano lacquer walls and travertine floors. The chef’s kitchen features a Jenn-Air double oven, Subzero refrigerator, freezer wine chiller, Miele 6-burner gas range and Asko dishwasher.

The master retreat features brocade fabric walls and matching draperies, balcony and a spa bath with double sinks, makeup vanity, separate water closets and architectural tub. There’s even a secret door that leads from the kitchen to the master bedroom.

In addition, there’s a private gym and office. Each living, dining and entertainment room goes out to the four balconies, providing 360 degrees of the Strip and valley.

The homeowners association fees are $2,400 a month. Mahsheed Barghisavar of Mahsheed Realty represented the seller. Jerry Masini of Award Realty represented the buyer.

“This is one of the biggest penthouses in any of the high-rises,” Barghisavar said. “It’s almost 7,000 square feet, and penthouses in other high-rises, like the Waldorf Astoria — its biggest is about 3,400 square feet. Most have three bedrooms instead of five. This has windows all around so you have Strip views and mountain views on the other side. It’s great for entertaining. It’s so wide open.”

■ No. 2 on the list of first-quarter sales closed on March 31 at the Waldorf Astoria in CityCenter. The documents have yet to be filed with Clark County identifying the buyer, who paid $2.65 million for Unit 3504 with 2,563 square feet. It has two bedrooms. Frank Napoli of Berkshire Hathaway HomeServices represented the buyer and seller.

■ No. 3 on the list was Unit 1201 at One Queensridge Place, which closed March 27. Documents revealing the buyer have yet to be filed with the county. The price was $2.4 million. It measures 4,792 square feet with four bedrooms. Randy Char of Char Luxury Real Estate was the seller’s agent. Ivan Sher with the Ivan Sher Group with Berkshire Hathaway HomeServices was the buyer’s agent.

■ No. 4 on the list saw Nassrin Barabi, CEO at Oztera, a Napa Valley business software solutions company, pay $2.2 million for the two-bedroom, 4,903-square-foot Unit 703 at Park Towers. The seller was Marco Roca, the former president and global chief development officer at Caesars Entertainment, who is now the CEO of Reveille Hospitality in Miami. Masini was the seller’s agent, and Char was the buyer’s agent.

■ No. 5 on the list was another penthouse at Turnberry Place that sold for $1.94 million. Unit 2904 measures 4,103 square feet and has three bedrooms.

Dr. Myles Zakheim, an optometrist from California, was the buyer. He’s the founder of Optometrix, which has offices in Brentwood, Beverly Hills and Hollywood. Julia Salomon of Salomon Investments was the listing agent. Cristine Lefkowitz of Berkshire Hathaway HomeServices was the buyer’s agent.

Masini said the high-rise market is slower, but there’s still interest and people are calling. There are more online searches by prospective buyers, he said, and he’s sending out more videos.

“The market is unknown right now,” Masini said. “There are people (who) want to come and look at units, but they’re not finding hotel rooms or where they want to stay, so they’re waiting for that to open up. I have one buyer now who wants to buy a place in Park Towers, but they don’t want to stay at a low-end hotel.”

Most of the buyers Masini said he deals with who have substantial wealth consider the economic pause caused by COVID-19 temporary, and they’re in a position to buy. “They realize this might be the best time.”

Barghisavar said showings have slowed sharply — from 10 a week before the virus shot down the economy to two a week.

“Prices have been pretty stable for the high-rise market,” she said. “A lot of people that own high-rises have more money, and a lot of them bought with cash. I had one buyer who bought about 80 units during the recession, and he’s not worried and thinks it will recover soon.”

High-rise analysis

The Las Vegas research firm Applied Analysis tracks 21 high-rises on the Strip and elsewhere in the valley. It reported that first-quarter sales rose 4.9 percent from a year earlier from 143 to 150. That’s still below the 206 closings during the first quarter of 2018.

The increase in sales came as the price per square foot dropped 0.2 percent from $396 to $395. The size of the units that sold were larger, boosting the average price from $497,127 in the first quarter of 2019 to $548,166 in the first quarter of 2020.

■ Panorama Towers had the best showing in the first quarter, with 20 sales, up from 13 a year earlier. The average price was $559,375, or $374 per square foot, up 9 percent.

■ There were 17 sales at MGM Signature, a condo-hotel tower, down from 18 a year earlier.

■ Turnberry Towers had 16 sales, up from 11 in 2019.

■ Turnberry Place held steady at 14 sales. It had a price per square foot of $371, a gain of 26 percent over 2019. The average price was $933,000.

■ One Las Vegas on the far south Strip had 14 sales, up from eight.

■ Palms Place had 12 sales, up from nine.

■ Juhl had 10 sales, up from eight.

■ Veer Towers at CityCenter had seven sales, up from three.

■ There were four sales at One Queensridge Place, up from three. It had an average price of $1.24 million, or $433 per square foot, a drop of 10 percent.

■ The Waldorf Astoria had three sales, the same as the first quarter of 2019. It’s average price was $1.83 million. It had the highest price per square foot at $1,036, a 29 percent decline from the first quarter of 2019.

■ The Trump International condo hotel had four sales, down from 11 a year earlier. Its price per square foot was up 47 percent to $699.

■ Park Towers, which had the highest average price at $1.92 million, remained at two sales. The price per square foot was $493, a 22 percent decline.

There were 486 high-rises listed at the end of the first quarter, down from 458 at the end of 2019.

The high-rises listed in the 21 towers at the end of the first quarter had an average price of $540 per square foot, a decline from $543 at the end of 2019. The average price was $757,000 more than three months ago. It was almost $20,000 cheaper at $738,000 at the end of March.

The Waldorf Astoria had 30 listings with an average price of $2.7 million, or $1,337 per square foot. Turnberry Place has 41 units on the market with an average price of $1.07 million, or $404 per square foot.

Park Towers had six units on the market with an average price of $2.9 million, or $812 per square foot. One Queensridge had 13 units with an average price of $1.9 million, or $594 per square foot.