The effects on real estate development of shore-protection efforts that low
er erosion rates and storm hazards are both controversial and difficult to
detect. A simple theoretical model indicates that shore protection is likel
y to "tilt" development from areas a few hundred feet inland toward beachfr
ont property. A modified repeat-sale house price index is used to measure p
rice appreciation rates to the water's edge. We are able to formulate an ex
tremely sensitive empirical test for a tilt in rates of house-price appreci
ation implied by a tilt in development. Surprisingly, we find no significan
t evidence that shore-protection efforts have produced additional beachfron
t development in the Florida counties studied. The method used in this arti
cle is quite general and could be used in a number of applications where an
environmental effect impacts real estate differentially over space.