It may not go up as rapidly as it has in the past, as the communities rebuild. The coast will most likely never go down in price. People migrate to the coast for a number of reasons. Its a great place for Spring Break or daily living and for retiring. Coastal property is usually a good investment. When the coast gets hammered by a natural disaster, they always seem to re-build bigger and better than before. The huricane in the early 1900's is the reason we have the Galveston Seawall. They built it to protect Galveston from the huge destructive huricane powered waves. I bet after Ike, the city will expand it to encompass the bay side as well.
If your looking for something cheep, perhaps you can find someone that does not plan to rebuild, and simply buy the lot and build what you want?