The right fabric installation won't be cheap, but it will look 100% better. Additionally, fabric is translucent so you have shade below it without an overly dark atmosphere. There are so many creative and dramatic possibilities which will complement your house beautifully. Many many suppliers of "shade sails": just one example here with lots of photos. http://www.tenshon.com/photos/maitland-florida-shade-sails.html

Beautiful house, awful pool, awning and railing. Pool is out of character with the house. Changing the color of the paving and the pool so they are the same may help.

I would remove the awning. And add a taller and more decorative fence with a gate...possible posts that allow the installation of an arbor type top over the patio

Thanks for your input everyone.

Beverly, I've already removed the iron fence. Not sure if I should repurpose the 3 posts in ground from the awing and create a more free standing / modern one?

That could be a good option, to reuse the posts...perhaps build up around them so they are larger in scale and add the arbor top.

The pool hit me first... I'm not a fan of the coping. With the fence down, that will help, but the concrete and red coping detracts from the overall look. As for the awning, I would either recommend a shade sail (like those who commented before) or a pergola (my preference). It won't provide as much shade as the shade sails, but looks fantastic. You could always add a plant like Japanese Wisteria to add some summer shade. Not to mention, you can still use the structure to add a fan, lights, heaters, etc.

You can work with the patio if you have to. Paint the underneath to match the house and replace the poles with more modern round columns. Hang curtains, tied back. I use drop clothes from Home Depot. Look up patio curtains on Pinterest.com. Lots of plants. Lighting and plush seating.

Steve, Don't know your pool codes, but in the last two states I did work, the code required the fence and required that the fencing prevent the passage of a 4" sphere. The code is said to have prevented many children's accidental drowning deaths. Norm has a knowledge of the Florida code. I'll get him over to this discussion to help.

Instead of the awning, you could build a pergola. Then for extra shade you could weave wide strips of fabric over and under the upper beams. I have seen this done and it looks very attractive.

The modern house is calling for shade sails - demo all but the posts, paint them white like the house or gray like the base of it. Decide your outdoor / indoor accent favorite - red would be fun and make that coping seem deliberate. [Red and white and gray with galvinized accents and wide striped gray and white outdoor dhurries sounds fun for outdoor party decor.] Google red shade sails for images - even costco sells these (though perhaps not in red!)

Put some stainless eyebolts on the house at different elevations so that the wide part of two triangular sails connect and their third connection goes out to the existing post. Repeat on the other post at varied connection heights. Maybe find a palm tree out to the right and layer one more using the two posts as the other two legs. When triangular sails are layered at different heights, you'll get some shade, some sun, a sense of man sized scale next to the house / feeling of shelter. You can take them down when the storms are blowing in, too.

Seems to me you've got your pool fence for code in the background around the property, just make sure if you've pulled a permit for anything that you get some door alarms on the house.

A safety fence is required directly around the pool, or an alarm on the doors.

I like the pergula idea.

Adding a fence around your pool would help. You can also try cleaning your pool here is a great place for pool cleaning. http://www.arizonapoolservice.com/services/chemical-pool-service/

http://houzz.com/photos/619517
I love retractable awnings. They come in many colors and patterns. Electronic and manual. The housing comes in a few colors as well. I'm not sure where you are located but I like the option of having the awning tucked away in the fall, winter and spring for a full sun effect. Your patio looks like it could use staining to lessen the blah effect. I see multi planters with different heights of greenery. Lots of great potential.

The awning may get tucked away on the next block. In Florida it is not uncommon for thunderstorms to pop up in the summer with winds in excess of 50 mph

Great stuff here guys. Libra--very insightful feedback. THANK YOU. Leaning towards creating a free standing pergola / sail shades!

Another consideration here. Look on line at: Ego Paris. They make some really interesting outdoor furniture and umberellas. Ditch the awning altogether and think colorful. If you're willing to ease up on the strictness of the house's exterior and have some fun you can have a cool upbeat outdoor area.
Add some plantings in modern containers and consider a piece of art mounted on the wall next to the pool.