There are two lots near the waterfall. Only one is occupied.
This lot is situated right on top of the waterfall, with an outlook on the neighbourhood. It has a hefty price though, at 14,000 simoleons. A family bin household will have around §16,000, so it is advised to excel in a Sim's career living on another lot until a significant amount of simoleons is earned to build a proper home. The price is expensive due to the fact the lot is huge, the overlook view and the waterfall beside it.
Paw Valley RoadEdit
There is a lot occupied by the Townsends. It's called Paw Valley Road. The relation between the Paw Valley Waterfall and the lot is unknown. Though the waterfall can be seen in the view North West in the backyard. The walls or "fences" surrounding Paw Valley Road is similar to Serenity Falls. The lot may be named after the road that bridges over the waterfall.