The condition of the toy is best described as uneven. The box is opened, and in poor shape after 50+ years in storage in a poorly sealed attic. The toy itself has some pieces chipped off the transparent part of the control panel, but otherwise is without visible wear and some pieces are in original factory sealed bags indicating that the toy was never played with. I very briefly touched the leads of the the electric motor to the terminals of a 9-volt battery and it worked beautifully, so if you want to assemble the toy and put batteries in it will probably work.
The balloons are over 50 years old, and latex becomes fragile over the years, so you will want to find new balloons and save the originals. The instruction sheets tells how to order more balloons from Topper Toys, but they have been out of business since 1973.