Since we are always looking for a deal, John was found the window treatments. The cornices had to be resized a bit, but we got lucky and one of the end cornices fit perfectly so we (along with John's mom) had a template for the other three. Since all we had to purchase was the paint and window treatments, we were able to transform the room for under $400. Hopefully this is a theme for the whole house.
You may have noticed the carpet remained. That story is for another day.
Update: The colors in this room are:
Main Walls: Benjamin Moore Fresh Butter 290
Fireplace Wall: Benjamin Moore Showtime 294
Trim: Pratt & Lambert Arrowroot