If that is a sunken area by the fireplace then I would think long and hard before I bought this place because that is a big redo in the making.

Well, it's a bit weird, but I find it attractive. I bet that with some help, you could turn it into a real showplace.

Nothing wrong with a step down in a large space to break it up a bit. A piano would be a great showpiece. Any thought to leaving the piano in the sunken area? That would leave the larger space with a great entertainment wall that you can position a new sectional into quite nicely. The sectional would have a view of the entertainment wall and a great view through the patio doors/windows. The ceiling is fantastic!

Whoah. That is a huge room. With a grand piano and a fireplace & a sunken living area, it needs to be huge.
It is also an open floorplan I think. I love it. The challenges are staggering. Fun. Fun. Fun.

Will you be keeping the flooring as is? I can see a lot of MCM furniture and a very eclectic vibe going on.

Wee we want to get rid of the floors perhaps a polished porcelain. We also plan on removing the built in 'furniture' in the pit. The piano is way too big for the pit; its a 7'2" in hi polish black. So what should we do with color/furniture?

Sunken floors can be framed in and leveled if not desired. It's sort of like building a deck indoors in the sunken area, tying the joists to those in the raised portion of the floor. This place is a gem, but those who only know how to decorate with gray walls, dark wood floors in cookie-cutter millennial look-alike homes won't have the vision. If you can bring someone in with experience in this era of home, they will be able to guide you to potential issues and hidden costs before you buy. Good luck. I agree with lizzie91001 that the place is special.

Do you want to work with the pit?

We want to keep the pit but remove the built in furniture.

If we raised the pit the fireplace would need to be raised too.

What are the dimensions of the room? I think it could be made really cool looking!

Not 100% sure but I think it's about 30x30

OM! I always thought this was a cool space! I'm glad you went for it. It's amazing:). I love the flooring! That would be dreamy to me, but I got wood look porcelain tile which is great for my 3 dogs! Love that your dog is enjoying the space too:) Post more of the space of you can. I'm sure everyone would love to see!

I meant to say it's all amazing! I hope you are pleased because you did great:)

Looks great! More photos, please!

Wow!

Those floors, that fireplace, those chairs! Totally perfect space. Bravo.