I was going through my father's papers and found real estate paperwork for a waterfront lot at Deep Creek, MD from the late 60's.
I forget the numbers, but I did find a somewhat comparable current lot price and compared.
When you take away the impact of inflation and compounding, I think the price grew at inflation plus 2% - not much more.
Dad put the money in the market instead of the lake. The good news was that we vacationed a lot more and in a lot of varied places.
And financially it surely was the better move.