Specific to your question about bluff failures…the condo association should evaluate their bluffs hiring soil engineering firms- and the likelihood of failure over the next few years. The failure points are obvious to non-experts if you see clear areas where the setback is only a few feet.
You should ask the condo association / management what bluff repair work they have done, and what is planned. Its millions of dollars to put in seawalls for lower/mid and upper bluff failures. So consider what your HOA fees might look like given those expected repairs.
It can take years to get all the permitting from the Coastal Commission and the city/county so if a condo you’re evaluating hasn’t put up a seawall with obvious erosion / failure points, and you can see units in jeopardy, you may want to look at other places.