Starting Up in a Sour Market

Marcelle Fischler:

TUMBLING real estate market somehow signals the best of times for Lawrence Citarelli Jr., a custom builder and developer, who started a real estate company, Crystal Properties, in September, and bought out the 30-year-old Re/Max First Hampton agency on Nov. 5. Armed with these businesses, Mr. Citarelli, who describes himself as a contrarian, says he is positioning himself for the future.

"When life serves you lemons, you make lemonade" was how Mr. Citarelli put it. "This is an unprecedented time; it's an unprecedented opportunity."

Along with its initial 160 listings, his new real estate agency, First Hampton International Realty, on Main Street in Westhampton Beach, has 16 brokers and sales associates, and plans its own in-house art and media department, a design/build division with draftsmen and architects, in-house financing, title and mortgage services and "down-home personalized service."

"Timing is everything," said Mr. Citarelli, who through Crystal Properties is also building five "green" homes. "It's the willingness to step in when other people are running away."