Seattle Condo Owners: What is the current state of your HOA?

Hi Seattleites-

I’m currently shopping for a condo in the Seattle Area: Ballard to maybe Beacon Hill. I’m finding a few good 2 bd options but the HOA Reserves are in absolute shambles with a large special assessment expected for any preventative maintenance or major repairs. This is scary for me as I consider entering the market.

My realtor said poorly funded HOAs are very common since the pandemic. Can any of you share your experiences as a buyer or current owner of a condo in the area? Are these HOAs just comfortable with funding themselves with only assessments; this seems short sighted. Help me understand what is going on here.