We have a big double wardrobe outside the nursery with all the baby things in it and it has a shelf across the top so it goes on that shelf. The other option is the spare room or nursery right now because neither of those are being used.
Leigh, you mention settling on "just one idea." This is an approach that I like. (I realize there will be other small items from family or that you can't resist) But one thing we tend to forget is that Christmas is a time when there is so much excitement in the air that it is wonderful to have a main gift that the little one can focus on. There are plenty of occasions to get the books and toys throughout the year. (Valentine's day etc...) So I'm for trying to keep it simple. Toys are but one aspect of the season: there is family, maybe a tree decorating event, visiting others and sharing with the less fortunate, singing, perhaps church, a special meal, outdoor fun, etc.
The doll house you show is lovely - and expensive, especially with all the little people and pets which are not included. This is what I put into the family gift category. Definitely something that grandparents or uncles might love to contribute to! With care, this is a gift that should delight and last for years, maybe even be passed on to grandchildren! But do think about it carefully. You can always purchase this for a birthday or at some other special time next year.
One thing I'd like to add though, is make sure you have a means of keeping little pieces out of the mouths of younger brothers and sisters AND pets when you make your choices.
I figure if I get anything for next year this year it'll be long gone by next year. Hard telling we're I'd store it so I "didn't forget"
I put small stuff on the top of my closet. I have a box up there. It's where I put Aiden's Christmas stuff as I gathered it. It now has stuff for Easter in it. And if anything else comes up where we deem a gift to be appropriate. I can't reach the shelf without a stool, so not like it was getting regular use anyway. lol