There is, of course, a small industry devoted to developing business names and such (see here for a good example). I think a local crew might need such services: Yesterday we got one of those mailers for new condos that are springing up all over Madison. This one even comes with a pad of paper printed with their logo and name: Watercrest. It looks like there are other developments with that name, located on water, of course. (And it shows up as a variant of watercress too!)
Around here, being on the water is a luxury but brings risk: We get flooding on the local lakes pretty often. Do you really want to spend a half million (or whatever these condos cost — view of the skyline, on the water, etc., so could be a lot more) on something that evokes the possibility of water cresting there?