In the fall of 1974, a Marine private named Wayne Laska was featured in the Review-Journal, as one of several locals appearing in the paper that day for completing basic training. Laska, who was 17 at the time and had been kicked out of high school, later entered Southern Nevada’s home construction industry. Fast forward to the present, after decades in the business, and a near-brush with bankruptcy during the Great Recession, he has sold his company amid a heated housing market. Laska stated the deal was “an exciting opportunity to quickly add to our already fast-growing Las Vegas operation.
Toll and StoryBook are both relatively small developers of homes in Southern Nevada. However the acquisition gives Toll brothers a foothold in a more affordable slice of the market, expanding its buyer pool as prices reach record highs in Southern Nevada, and consolidates the valley’s homebuilding sector into the hands of national, publicly traded developers.
Gary Mayo, group president with Pennsylvania-based Toll, stated to to the Review-Journal that the company “has been expanding its product offerings in Las Vegas and throughout the country for many years,” with base prices in Southern Nevada from the upper-$400,000 range to more than $1.3 million. The StoryBook acquisition gives Toll five additional communities and more than 550 homesites, further diversifying its “offerings and price points in the market,” Mayo said.
According to last week’s news release, Las Vegas-based StoryBook “primarily serves first-time and move-up” buyers, with prices spanning from the mid-$200,000 range to more than $600,000.
Its employees will remain with the company and continue to operate under the StoryBook brand, Toll said. StoryBook has built more than 1,700 houses since its inception in 2003
Las Vegas’ housing market has accelerated over the past year with record-high prices and rapid sales, thanks largely to rock-bottom mortgage rates that have let buyers stretch their budgets.
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