To a point. If no one will pay the price it’s not worth it in theory. Semantics aside It comes down to a ready, willing and able buyer and seller. The prime most valuable beach properties are almost all under long term strong ownership. If there aren’t buyers for the prime beachfront homes the sellers will just sit on them. They can make bank renting them. I understand your objection to the use of FMV and appreciate it to some degree. However those properties only get listed and sell when the conditions are favorable