In a small bowl, combine flour and hot paprika. Transfer to a fine sieve and sprinkle over beef cubes to coat. In a large deep skillet over high, heat vegetable oil. Working in batches, add cubes and cook until just start to brow, about 2minutes. Using a slotted spoon, transfer to a large bowl while cooking the remaining cubes.
Return skillet to medium heat, add onions and peppers; sprinkle sea salt and cook until softened, about 5 minutes. Transfer to bowl with beef using a slotted spoon. Let the skillet to cool off a little before returning on medium-low heat.
Using a spice grinder, crush caraway seeds, transfer to skillet along with mild paprika, smoked paprika, marjoram, thyme, cayenne and freshly ground black pepper. Toast spices, stirring constantly, for about 2 minutes. Pour in red wine and stir until It forms a paste. Add 1 cup beef broth, stirring the bottom to remove any particles of foods/spices and the paste is gone. Increase the heat to medium and add tomato paste; stir until dissolved. Add garlic, stir and when start to simmer again, retransfer meat and vegetable back to skillet. Pour in the remaining broth and add balsamic vinegar, sugar, and bay leaf; stir and increase heat to high to bring to a boil.
Reduce heat and maintain a steady simmer; cook for 1 ½ to 2 hours or until meat is tender. During cooking, skim off fat on top; discard. If liquid level is low, add a splash of stock. About 1 ½ hours, test meat tenderness and seasoning. Finish on medium heat to reduce sauce for about 30 minutes. Remove and discard bay leaf before serving. Ladle over buttered egg noodles or mashed potatoes; spoon sour cream and sprinkle with parsley.
Note: To make buttered egg noodles, cook 4 cups egg noodles in 2 cups chicken broth. Drain and return noodle to pot. Add ¼ cup butter along with garlic salt, if desired; stir and serve.