Market gets a Christmas bonus courtesy of Wall Street.

$125,500, the average bonus on Wall Street in the beginning of 2006, will seem like chump change at the start of 2007 when bonuses averaging $650,000 are expected to have a major impact on first quarter sales numbers.

"The first quarter would usually show weakened prices and a fall in volume, but that is not what we are seeing now, which is what makes this market so different from other markets in other parts of the country," said Jonathan J. Miller, president/CEO of appraiser, Miller Samuel Inc. "Within the last five weeks, we have seen an unusual pickup for this time of the year."

Brokers around the city are quite literally dancing in the streets as the record-breaking traders ponder purchases at some of the fanciest digs on the market.

"Tis the season to be blinging," exclaimed Darren Sukenik, executive vice president of luxury sales for Prudential Douglas Elliman, using the rap slang in reference to the high-end amenities being sought by the Wall Street earners being credited with spreading their wealth around the town through luxury purchases, city taxes and, of course, real estate.

"This has been the busiest December since ... I can't even remember when," said Sukenik. "Usually, the brokers don't find out about their bonus until January, but this year they have been shopping around and buying since late November."

The shopping spree began right after Thanksgiving as brokers reported increased interest from both Wall Street clients touring properties and plopping down hefty down payments.

The good news for the residential market is that the money is everywhere and the buyers are not concentrating on any one area of New York City.

"The money is not being directed on any specific properties. They are just looking for expensive property with all the bells and whistles that new developments have to offer," said Joan Sacks, an associate at luxury brokerage, Stribling & Associates.

According to Paul Purcell of the Braddock + Purcell real estate services firm, the young guns of Wall Street getting a taste of their first big bonus are looking to spend their windfall on new luxury condos, primarily because they have yet to establish themselves enough to secure co-op board approvals. "Plus," he said, "they want to make a statement that is very 'New York'."

Added Sacks, "It isn't that there is a designated line where young money is going one place and older another, but the interest of people under 50 is in new developments, which are mostly downtown, while the Upper East Side usually attracts older money."

Not that the young high-earners don't go uptown. Brian Lewis, senior vice president at Halstead Property, reported that the new 10-unit designer condo, The Ellison in Harlem, has had a rush of eager buyers touring in hardhats because the building won't be finished until the beginning of February.

"Young people can live like kings for under $940,000 and lower," said Lewis. "They get two-bedrooms and 200 s/f of space, not to mention most of the apartments have outdoor terraces with outdoor showers, which is why the first person who saw the full penthouse bought it right then and there."

While some have already begun spending their bonus, others have been weighing their options until they collect their bonus paycheck in the New Year.

When that happens, Sukenik predicts some of the homes that will be snapped up first could be Ian Schrager's luxurious 40 Bond Street and 50 Gramercy Park North.

Developed by Schrager and designed by Herzog & de Meuron, 40 Bond Street is an 11-story condo with 27 loft-style apartments, five townhouses with separate entrances and private rear gardens; 50 Gramercy Park North, designed by John Pawson, is an 18-story luxury condominium that shares amenities with the Gramercy Park Hotel, which Schrager also owns.

Jules Demchick's 1 Morton Square in Greenwich Village is another likely contender for a chunk of bonus money along with the always popular Time Warner Building, developed by the Related Company and designed by David Childs. For those looking to rub shoulders with celebrity neighbors such as Sting and Trudy Styler and Denzel Washington, the Zeckendorf's fantastic 15 Central Park West is also expected to be a popular choice.

While the news of the record Wall Street bonus payouts has undoubtedly stirred excitement in the brokerage community, no-one is counting their chickens quite yet, though.

"This is the moment where everyone is being told how much they will collect, so I don't think we'll see the full effect of it until the New Year. For now, it's wait and see, but I'm cautiously optimistic," said Purcell.

Added Robert Rosa, executive vice president of Century 21MetroNY, "The money will flow in cautiously, because many will be afraid that the market might not fully rebound, so they will spend wisely and they also will be making multiple investments, buying properties they might then rent out."