FAA has no authority below the mandated altitudes for air travel.
Wrong. FAA's authority applies to any flying vehicle in the airspace of this country. Don't believe me? Here's the quote from the law that established the FAA:
The Administrator is authorized and directed to develop plans for and formulate policy with respect to the use of the navigable airspace; and assign by rule, regulation, or order the use of the navigable airspace under such terms, conditions, and limitations as he may deem necessary in order to insure the safety of aircraft and the efficient utilization of such airspace. He may modify or revoke such assignment when required in the public interest.
Property owners have air rights above their property up to the FAA's mandated altitudes or as locally mandated by code.
Nope. Another common misconception, but "he United States Government has exclusive sovereignty of airspace of the United States." (source).
Consider reading the Wikipedia page for some interpretation. Basically the idea is that you have airspace rights to the extent that you can use the space to have useful stuff on it (i.e., you can't build a 600 foot pole just to keep planes away, it has to be for some useful purpose). It's not at all clear that using drones grants you these rights, since they're definitely more aircraft than building.
So, the FAA should kindly go fuck itself. It does not tell us what we can do in the immediate vicinity around our homes or property.
If I want to hire a drone to do a fly through of my home, or my realtor offers to do it themselves, I will do it and the feds can shove their rules as far up their ass as they please.
Nobody's talking about flying a drone inside your house, they're talking about flying one over your house. You know, airspace. As far as thumbing your nose at the FAA - go nuts, but be prepared to win in court, suffer the consequences, or start a (successful) revolution. You could say the same thing about any other law or regulation - it's basically a question if whether you accept the rule of law or not.
Just so we're all clear on the sequence of events: the law creates the FAA and says "you regulate our airspace". The FAA, in the course of performing its legal mandate, creates a number of regulations (such as how pilots and aircraft are certified, standards for airports and navigation, etc) through a process called "rulemaking". They also issue more specific interpretations of the rules they've already enacted. (None of this is unusual; all federal agencies work the same way.) One such opinion decides that drones are basically model aircraft and that's OK so long as they follow the rules - one of which is no commercial use. The court decided that an opinion wasn't good enough here, so the FAA is going through the rulemaking process like they're supposed to. The end result will not be "yeah do whatever the hell you want", it'll probably be "be a hobbyist model aircraft (and comply with the rules, including noncommercial use) or get certified like an aircraft/pilot".