Stubbs seems to have already borrowed a page from Ivory, saying Richmond American will focus on acquiring ideal subdivision locations and will take a conservative approach when it comes to building speculation homes.

"We are an entry-level builder, but we like to build something that we feel like is going to have an enhanced value down the road — the curb appeal, the style, the look," Stubbs said. "Some of the features that we include are sort of a cut above what you consider bare-bones, entry-level."

As an entry-level builder with homes priced from $100,000 to $225,000, Richmond American also is banking on studies that show roughly 65 percent of Wasatch Front homebuyers purchase homes under $170,000. About two-thirds of Ivory's inventory is priced above $200,000.

"I think that Richmond will do very well in this market for a long period of time," said Eric Allen, director of Metrostudy, a Houston-based real estate consulting firm with offices in Utah and whose clients include Ivory Homes and Richmond American. "I think that they have positioned themselves in some very nice pieces of ground, and they have the ability and the deep pockets behind them."

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