Sounds very similar to what was at the barrier islands of North Carolina. That area is referred to as "The Graveyard of the Atlantic." It's the area that the Labrador Current and the Gulf Current intersect, building up sandbars and such.

Much of the housing (and economy really) originated by materials from the frequent shipwrecks, and they had rescue stations all along the coast with some very brave people who made frequent and extraordinary rescues of ship crews.