Ferndale is an area of the city of Wayzata centered around the street of Ferndale Rd. There are really 3 segments of Ferndale Road, the north leg, the south leg and the west leg. Included in the area are other streets and cul-de-sacs that enter and exit from Ferndale Road. Some of the homes on the south and west legs have frontage on Lake Minnetonka's Wayzata Bay. Most of these homes are vintage, traditional homes. Many of these are very large and prices for either single family homes or the newer town homes in the area typically start in the $500's and go up to the multiple millions. Ferndale Road boundaries the west side of downtown Wayzata with it's unique shops, restaurants and thriving financial services businesses, and it is close to the Wayzata Country Club, the Spring Hill Country Club and the Woodhill Country Club. The Ferndale area is one of the most prestigeous addresses in the Twin Cities.

Yes, Ferndale is a street/road. Generally, when people refer to "Ferndale", they are referring to an area of Wayzata that has beautiful homes, many of which are on Lake Minnetonka. Of course, there are lake side and non-lakeside. It also has a Ferndale Community feel to it. That is the South Ferndale Rd.
There are many homes that have historic value ,too. I believe that some "old" families from MInneapolis-St Paul had homes there and some may still be standing. (I'd like to think so.)

There is North Ferndale Rd. which runs up NW of Wayzata , past Excelsior Blvd to Cty Rd 6, where it ends It also has nice homes, but not to the magnitude of South Ferndale. I imagine you were referring to the latter.

it is a road in wayzata that is on the west side of the park and lake in down town wayzata