Beverly Hills: Swanky Housing in Denial?

Whether prospective buyers of units like those in the four new condo blocks are confident they will see a good return on their investment or are simply too rich to worry about such things, the buyers exist and their options will be many.

"There are 140 residences offered and 16 have sold, including the record-breaking sale of a penthouse for more than $2,700 per square foot," said Susan de Franca, president of sales at The Century, another of the under-construction condo blocks, where units begin at $3.5 million -- firmly qualifying it as one of the aforementioned "Super Four."

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Not all experts agree that the high-end real estate market will be able to buck the trend of property value decline indefinitely.

The weakening dollar has the benefit of increasing the attractiveness of property as an investment and is happening in conjunction with the aging demographic of baby boomers. On the flip side, there are the difficulties obtaining mortgages and reduced profit expectations. Economist Stuart Gabriel told ABC News the latter will dominate.

"Markets are segmented and the high end benefits from a more affluent buyer class, but it still can't defy the laws of supply and demand," said Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA. "This high-end market will see weaker demand and some slowing as a result -- it just takes a little longer to hit."

The proliferation of investment from non-U.S. citizens has buoyed the market to some extent. The extraordinary drop in the value of the dollar has effectively given foreign buyers a 30 percent discount on top property on both the East and West coasts.

However, the level of interconnectedness of world markets means that if American economic woes spread to the euro zone and Japan then the frailty of such foundations could be exposed, Gabriel said.

"It's a sign of the times that many of our sales are to foreigners and they're paying with full cash or large down payments," said Mel Kimman, who has personally invested $30 million into The Hollywood, a smart, new high-rise located near the Hollywood Bowl.