As the name implies, a waterfront lot is a piece of land ready to build on that has the lake as one of its boundaries. It will more than likely have a lake view if the trees aren't blocking the view. Usually there are no improvements on it, but sometimes there might be a dock, retaining wall or electricity available. Although not guaranteed, the possibility of appreciate in value is greater for a lakefront lot than for a piece of land on the interior of a lake development.  

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