500 Block Beverly Hills Flats Trades at $7.95M.  

The Team That Got It Done

Listing side: Debra Ziven, Nourmand & Associates.

Buyer side: Dustin Nicholas, Nicholas Property Group.

Seller: a family trust, per the listing. Buyer: not disclosed.

Worked on this deal? I'd like to hear from you.

What Happened

524 N Canon Dr hit the market on July 19, 2026 at $8.45M. I found no price cuts. It went into contract on Sep 9 and closed on Oct 29 for $7.95M. 

It is a one story house built in 1922, on a lot of about 15,000 SF in the Beverly Hills Flats. It has 4 bedrooms, 7 baths, a pool and a guest house over the garage. The last recorded sale was in 1977, for $289,000.

I see this as a land value trade with a nice old home to still live in.

The Money

• Sale price: $7.95M, closed Oct 29, 2026
• Asking price: $8.45M, listed July 19, 2026. $500,000 under ask, 5.9%.
• House: 5,353 SF, so $1,485 per SF of house
• Land: 15,088 SF lot, so about $527 per SF of land, my math, with the house included
• Last sale: $289,000 in 1977
• Days from listing to close: 102
• Measure ULA: does not apply. This is the City of Beverly Hills.

What Else Sold

Recent home sales in the Beverly Hills Flats. Land price is sale price divided by lot size, my math, house included.

• 508 N Canon Dr (same block). $12.0M on Sep 2, 2026. 6,130 SF house on a 22,677 SF lot. $1,958 per SF of house, about $529 per SF of land. It asked $13.9M first.
• 524 N Bedford Dr. $8.4M on Sep 16, 2026. 4,873 SF house on a 12,006 SF lot. About $1,724 per SF of house and $700 per SF of land.
• 619 N Sierra Dr. $8.675M in late October 2026, after a $9.75M ask. 5,028 SF house on a 12,525 SF lot. About $1,725 per SF of house and $693 per SF of land.
• 521 N Rexford Dr. $7,000,005 on Oct 1, 2026. 3,244 SF house built in 1922 on a 13,693 SF lot. About $2,158 per SF of house and $511 per SF of land.

Per house foot, these are all over the place. Per land foot, the big lots on Canon and Rexford land close together.

What the Numbers Tell Me

$527 for land on a busy street of the flats on the 500 Block.

What I See as an Owner

I am seeing prices drop 30% to 70%, and this is one brutal real estate crash on the commercial side and prices going up in Beverly Hills.  

Here are the sales I am watching:

• Fairfax Theatre, Beverly and Fairfax. I was quoted $40M. It sold at auction for $7.21M.
• The Clock Tower, 225 Santa Monica Blvd. Rockwood paid $58M. It sold for $28.5M. That is about 51% less.

Those are commercial deals. In the Flats, I am not seeing drops like that. I am seeing sellers take less than they ask. 524 N Canon sold 5.9% under ask. 508 N Canon sold about 14% under its first ask.  I am also seeing brokers put low prices and bid up properties by 20%. 

Sources

Redfin, 524 N Canon, MLS 26861435, Nourmand listing, 508 N Canon MLS, 524 N Bedford, 619 N Sierra, 521 N Rexford, Atlas Brief, Fairfax Theatre.

Nourmand & Associates via TheMLS/Redfin