Regarding condensation: Condensation will occur when warm air with moisture (water vapour) in it is reduced in temperature until it reaches the "dew point" which is the temperature at which the relative humidity is 100%. Condensation occurs when you cool air down, not when you warm air up. When you warm air up, its relative humidity decreases.
Playing an accordion outside in cold air should not create condensation as long as the accordion isn't colder than the air. When you first go outside the accordion will be at room temperature and cool down from there until it reaches the outdoor air temperature, so that will not create condensation (assuming the warm moist air from your breath isn't getting into the accordion). The warm accordion will heat up the cold air a bit which will lower the air's relative humidity. The final "steady state" temperature of the accordion might be slightly warmer than the outside air if some of your body heat from your hands and what leaks through your coat gets into the accordion, which is a good thing in terms of preventing condensation.
I think the time to worry about condensation is when you stop playing and go inside to the nice warm moist indoor air. You don't want any of that indoor air to get inside the accordion, or on the outside of it, because the moisture in the air will condense on the cold accordion parts (assuming they are below the dew point of the indoor air). Definitely don't play it when you get it inside until after it warms up internally, not just externally.
To be safe, I would put the accordion in a big plastic bag (like a garbage bag) when it is outside and seal it tight while it is outside. You could suck the extra air out of the bag with a plastic pipe by squeezing the top of the bag around it, but I don't think that is necessary. The relative humidity of the outside air in the bag will quickly drop when it warms up after you take it inside. The hygrometric chart (below) shows that air at 0 degC and 100% relative humidity (extreme case) will be about 30% relative humidity at 20 degC.
I would leave the accordion in the sealed bag until it has warmed up to room temperature, which could take several hours (just guessing). Even if you don't put it in a bag, the cold air inside the bellows which is where the reeds are shouldn't be a problem as long as the bellows and pallets don't leak air. The cold air will not cause condensation as its temperature increases and its relative humidity drops. Note that the inner and outer workings of the bass mechanism and treble keyboard will likely get covered in condensation if you don't bag the accordion outside.
Personally, I would not play any accordion that I cared a lot about outside in cold weather. I would worry about the reeds "choking" and scraping against the aluminum reed plates as mentioned by Paul. Also, plastic likes to crack when it gets cold, etc. As they say about whitewater canoeing, "I don't need to know where all the rocks are, I just need to know where they aren't." Accordions are best kept at temperatures that we are comfortable at without special clothing.