Isn't the problem with stucco is that it doesn't breath? If water gets in, it will rot out and rust up whatever is there? You don't know you have a problem unless you test it or actually see visible problems but by then it is too late?
I have been looking at houses here in Houston, which is very humid and stucco I am told is not good in moist environments. People have stucco houses here because they like the look but you have to watch them. There is a townhouse complex down on montross that you can literally peal off the stucco wit your hands. There is another place we thought about bidding on and then passed when our realtor got a hold of a stucco report for the house and it looked like it needed 100k of work. Maybe, I am wrong but why would you put a stucco building on the shore?