The luxury condo building, just off Paces Ferry Road between Interstate 285 and the Chattahoochee River, was completed in 2008, though only three of its 148 residential condos sold at the original prices.
Those original prices ranged from about $207,000 for a one-bedroom unit, to more than $500,000 for a two-bedroom, 2.5-bathroom unit.
However, it was earlier said that the condo project was completed just as the housing market collapsed. By September, there was fear of foreclosure.
Now the condos have been discounted up to 43 percent, and at least 20 buyers have signed contracts since April 1.
"Marketing is extremely simple at Vinings Main, now that the pricing has dropped. The condos are luxurious, large, steps to the Vinings Village, and a great price," said David Tufts, president of Marketing Directors, whose firm was hired to market the lowered prices.
That one-bedroom unit is now priced at $136,000, a 34 percent difference. And the $504,000 top-end unit is now available for $288,000 - 43 percent below the original asking price.
Tufts said new homeowners will begin moving in on May 15.
In January, county commissioners rejected a request by the building's operators, Wood Partners, to rent out the units for up to five years.
Attorney John Moore, who represented Wood Partners, had said, "If these aren't leased, they'll probably go into foreclosure."
In March, the group of lenders financing the project removed Wood Partners and replaced them with Novare Group as the operator and Marketing Directors as the selling tool.
Ron Sifen, a member of the Vinings Homeowners Association, was among the neighbors who vocally opposed the rental idea.
"I am extremely thrilled to hear they've sold 20 in a month. That makes me so happy," Sifen said. "We've wanted people in there. Seeing it thrive instead of sitting there empty will help everyone."
"I feel bad for the people who bought the homes in the beginning, because they paid way more than they should have and what people are paying now for the same place," Sifen said. "It was never a matter of whether or not the condos were nice enough for people to want them, it was that they were way, way overpriced."
Tufts said he was not aware of any special treatment given to the original homeowners to make up for their inflated mortgages.
The Journal's attempts to interview any of the original buyers, who moved in during 2008, were unsuccessful.
All of the condos in the four-story complex have 10-foot ceilings, huge closets and patios. The complex also has a courtyard, a pool with a kitchen area, a workout facility, and 24-hour concierge service. Sales also include one parking space per number of bedrooms in the unit.