Just about anything is possible provided you want to spend the money. Some details might help, what is the construction of the house, basement, crawlspace or slab? Is it a single story or multi-story house? What is above and below the space? If you lowered your living room floor would it still be above grade?
Why do you want to sink the living room? Do you need higher ceilings? Sunken living rooms are so 1970's Brady Bunch.
"Pain is temporary, quitting lasts for ever." Lance Armstrong
Are you looking to just jazz up the existing living room area? I would think it would be a huge expense to bring it down on a slab, ect.
I have to disagree about a sunken LR being 70's Brady, though. My Mom added a sunken living room to her wood home on piers back in the early 60's. They built it on a slab with terraza flooring and brick walls. It's very nice and not 70's at all.
It has a basement. Ceiling in basement is plaster so I can't see the joists but imagine they might be 8". The house is a 1934 Art Deco. Very solidly built. My wife loves the division of space a sunken living room provides. So, I just started wondering what it might take to make it happen for her.
Cassell, This would be an expense you would NEVER recover in making this change to your home. You'll make your basement ceiling lower thereby reducing its usability along the way. In order to lower your living room floor the floor joists would be removed and new ones installed at a lower level. If your floor joists are currently 2x10's the new ones at a lower level will be 2x10's. With engineered joists you might be able to save a bit of depth depending upon the span but your still going to lose 6-8" of headspace in your basement. I would look at doing something like a coffered ceiling to define the space, which could be done for a much lower cost than completely reworking your floor joists.
"Pain is temporary, quitting lasts for ever." Lance Armstrong
Yeah... I know u r right Sparky, but I can't help entertaining the idea. Closed on the house today. Stopped by the property and pulled back carpet in living room to reveal what I believe is 3" x 3/4" unfinished oak. Think I will ebonize it instead.