The great thing about a palette dominated by neutrals, is that you have many options and opportunities for accent colors. Why not paint your walls blue? A light powder blue could be lovely or you could opt for a dramatic navy. Since your floors are light, you can dare to be a little bolder with the wall colors.

Take a look at this ideabook on blue paint colors and see if you come across any rooms that inspire the look you're going for:

https://www.houzz.com/magazine/how-to-pick-the-right-blue-paint-stsetivw-vs~440746

Blue Walls?
Blue Draperies?
Blue Pillows?
A Blue Chair?
Blue Ceramic objects or table lamps?
An abstract painting that's primarily blue?

Thanks for the suggestions, blue wall paint is exactly what I had in mind. I particularly like the gray blue in the attached link. So, if I do a similar shade of this blue for the drapes and blue items here and there, shouldn't the area rug in front of the couch be a lighter shade of the sofa color? or maybe even a different color? I mean, I don't want ot go crazy with the blue either... right?

a rug in a purple shade, something as an accent in glossy purple, would be interesting

You can do as much or as little blue as your feel comfortable with - and since you have a light floor, a darker rug wouldn't be out of place.

Maple and Honey wood tones would warm up the grey palette and an old silver tone would be great for the area rug.

Thanks for all the suggestions. I'll post a picture when I'm done.

I find the soft gray blues found in the coastal inspirations are soothing and a very popular choice when looking for blue.

Be careful with the blue you choose - too light and your kitchen will look like a baby nursery or even Grandma's house (those were quoted from a client by the way) too dark and you close up the room.

Here are some coastal inspirations you might like. http://www.houzz.com/ideabooks/55928/list/Coastal-Color-Schemes

Here are some Sherwin Williams “blues” that will capture that look. Some are more gray, some are more blue, all are very beautiful!

Austere Gray
Conservative Gray
Contented
Sea Salt
Comfort Gray
Rainwashed
Quietude
Tradewind
Rain

Note the reflection of light blue on the sofa, use the same soft light blue-grey on the walls. Bright orange accents and area rug. If an orange area rug is too much, use one that is multi-colored and contains some orange, bright blues and/or the dark grey. Artwork should contain similar colors. Need to bring some color into the room to add a pop factor!

A few touches of Yellow, maybe even on the rug would look great I think. And I agree a smoky grey or try some vibrancy with a Teal color.

I am very curious as to what color you choose for your wall. I was shocked to see this sofa. I feel I have the same one and the same desire to paint a slate color on the wall. I've tried Charlotte Slate by Ben Moore and lighter version Nantucket Fog. I too want the greyish blue / slate color. I found a great rug at Target that has a black background with an off white globe pattern and it adds so much to the whole room. I also am using a metal/wood 3 tiered rolling shelf for TV etc. by Hannery. The color works well with the walls etc. and the look I was going for.

I am just finishing a clients family room with these colors. Add a great rug with a pop of color, or some great pillows and accessories with color.
http://www.zgallerie.com/p-11123-ombre-rugs-aquamarine.aspx or
http://www.madelineweinrib.com/ama/cotton_flatweaves/Keri-Indigo.html
A piece of art can also be a great guide.

My living room walls are painted in Ben Moore, "Natural Elements". It is a very neutral color that has hints of gray, blue, and green in it. I think it would look great with your sofa. I have a lighter gray/tan sofa with navy pattern accent pillows and it all comes together very nicely! (I did have some help from a designer!)

@srareyes13 - check out the Houzz.com Facebook Fanpage. We posted your question there and the responses are pouring in!

http://www.facebook.com/pages/houzzcom/129309818805#!/

Oh WOW! now I'm really confused. In any case, I highly appreciate all the help. However, I have one other dilemma. As you already know I do not yet have a wall color, area rug or drapes. So, which do I decide on first? I assume the wall color, but I've read that you should choose a rug first and then match the paint color; what do you say?

I absolutely LOVE the color behind the dresser, in the picture that "anaiah" sent me. Does anyone know what color it is?

I would choose first a rug and/or painting with the suggested colors, gray, blue and a neutral and another to create contrast just as the one designsc included, then with these colors go for the search of the paint that matches this piece of art or accesory ... And include the other colors in other objects and accesories.

Try palettes app for iPad it is great...

First you start with an patterned rug or a patterned fabric for draperies and/or pillows & upholstery - then you pull colors from the rug or the fabric for the other elements of your room such as paint, other upholstery, carpets, etc.

The reason for this is that it's incredibly easy to select a paint color based on a color from a fabric or rug - but its incredibly difficult to find a rug or fabric based on a paint color. (Which is why all the folks on here asking "What Paint Color?" are doing it wrong)

I would find the rug or the drapery fabric first. Then choose your paint color. You will open yourself up to more shades that you might not have thought about doing the paint first. It also expands your possibilities on the rugs and fabric tones choosing those first! Have fun with it!