Hello. I'm not certain where you live or how but I can toss out some food for thought. Since it looks as though the stone is polished and has a Rose/Brown tone, the oranges of the wood look loud. You could just paint or re-stain the upper part of the walls in almost-Black.
Another more ambitious way to go is to wrap the wood walls in steel. The steel plates can be found already drilled out so they can be bolted to your walls. Variations of the metal idea are copper sheeting, galvanized panels, and corrugated aluminum. The material you choose will influence the look so think about what you want it all to look like when it's done.
The paint will give the space a Giorgio Armani city loft feel. Use solid colored seating and dark modern wood furniture.
Steel has it's own luster and warmth so you can mix in whatever you like. You can pick up some Industrial age furniture and add traditional upholstery in heavy textures too.
There's more you can consider too but it's late here so I'm logging off. I wish you lots of luck.............it's a beautiful home!

Thank you. The loft concept isn't what going for. We live in a nice suburb in California. Ideas welcome and appreciated though!!

I should also say all decor/furniture in the pics was the sellers'.

I'd get rid of the brass color.Make it black.The pic above the fireplace is not the best choice.Something larger and with black in it.

Yes. Gold/brass color going away (see above). Art isn't ours. Right now there's nothing on/above the mantel.

I personally love the mantle and wood. The only thing in not crazy about is the cold but I'm sure that us an easy fix

@jeffrey, where would I find steel plates like you mentioned?

Paint the brass with heat proof matte black paint and then live with it for a while. The right treatment will happen as you fill it with your own things. Why not post again after you all moved in, and give us your thoughts at that time? When we see your style, we'll probably have lots of ideas for you.

Steel wall cladding is available through a couple of sources. Salvage companies, metal wall cladding makers, and sheet metal supply companies will carry a wide variety of this. You'll see cold rolled steel, textured steel, aluminum tiles and sheets, and otherz.

It's a nice fireplace.

I like the texture the vertical paneling provides. I think I'd leave it and just paint it...don't know really what color though.

The granite looks a bit 80's but I think once you paint the wood and brass screen it'll look less dated.

An antiqued gray-wash stain on the ceiling would help tone down the orange tones.

I really like the stone and the wood (it seems to go well with the ceiling), but the brass firebox just doesn't work. I would either get a new one in a stainless type finish or black. I think the small change may have big benefits of making everything look like they work together. I would be very leery of staining the wood in the fireplace since you have so much wood in the ceiling that you'll need to coordinate with.

I believe the scale of the wood on the upper fireplace is wrong. The slats are too narrow. If you want to keep the warm wood look, replace with wider planks.

I really like it as it is except for the brass part. I would get rid if the brass, put up some great art and see if you don't grow to love it

Oh. Just paint the wood a super cool gray!!!!!

I would not change a thing. Your brass fireplace could be reframed in the same colour brass ... The look is modern and timeless. Keep it that way. Brass is swinging back i to fashion and also provides wonderful reflections when you have a fire going.

@jeffrey. Thanks. I've done custom cold rolled, but have not found a supplier for prefab panels.

Sailboat Model Looks great on the top of mantel.

http://gonautical.com/americas-endeavour-limited-p-625.html

This fireplace structure/materials doesn't bother me at all. It seems to be authentic to the period, guessing the '70's, and very common in California for that time. There are people all over the world who would kill for the beautiful vertical wood detailing! As others have suggested, paint the brass fittings and live with it a while before making any big changes.

I really like the wood over the fireplace ... would paint the mantle a dark gray.

Brass is coming back and I do like it ...

All beautiful as is... but if your desiring a change, think of incorporating either glass or stone, or both.

I like the fireplace. I would add a bold, beautiful mantle piece. Take the picture somewhere else and get some metal art with vertical orientation.

The house was a custom home built in 1991. Not the 70's. Yes, we do plan to update it via "project creep." The location and layout are 100% perfection. The finishes are far from hideous and the views are amazing and the projects will only improve it.

I don't see the value in drywalling the upper part. I like the movement of the vertical wood. Certainly I would update the fireplace surround (probably black). I would agree with Garden Oaks that the polished stone bothers me more than the wood. I think I would explore the idea of getting the stone finish changed to a honed look instead of the polish. I doubt that would be a very pricey change… and if you still don't like it you can always explore a new material afterwards.

I think its beautiful the way it is now, There is a mid century modern influence on Californian houses, and the natural materials of stone and wood brings alot of character and warmth to the house. I would change the golden frame of the fireplace and replace it with stainless steel and glass one.

i would leave the wood tone, but just lightly sand it and overstain it in a slightly darker, more red tone. that orange is scary.

I agree with many above that say the wood is lovely but the shiny granite seems a bit off to my eye and yes the current art does not enhance the space.

Visit www.Steelartistry.com for one of a kind fireplace screens

The wood is so beautiful I wouldn't paint it. I think the granite below the mantle is what you should look at replacing. It's gloss dates the fireplace. A more natural or a "stacked stone" would give you a warmer natural feel. What you choose really depends on the style you want for the rest of your room / home.

don't touch the wood but replace the fireplace doors and granite which is quite dated. choose some contemporary tile that compliments the wood, new doors and satisfies your taste.

That looks like granite slabs which probably cost quite a bit to install. I think like most people you are looking past the small stuff that could make a huge impact. I would start by replacing the gold doors and get some more up to date art with a frame that fist the space better. You have to buy them anyway so see how it looks afterwards.

If you want a quick fix for the wood try a darker color in a General Finishes gel stain that will go right over what you have there. Everybody love their Java although I feel it is way too dark. It does a great job of covering lower cost wood to give it that Pottery Barn look. By the way they use it because they use low quality wood and need to make it look attractive.

By the way it would cost about $4k to replicate that slab so I would try and make it work.

I think I would remove the polished stone and add a more natural material like a stacked stone or maybe a slate. Also change the doors to a barn door type. Would also make the mantle either a darker shade or even black. Good luck with your update!