Brown the meat. Heat 2 tablespoons of olive oil in a large, deep nonstick skillet and place the pan over medium-high heat. When the skillet is hot, add the steak pieces. Cook, stirring, for 4 to 5 minutes or until the meat is no longer pink. Remove the steak to a plate and set aside.

Sauté the onions and mushrooms. Add the onions and mushrooms to the pan and cook, stirring, until the onions are browned and the mushrooms have released their juices. Add the garlic and cook for 1 additional minute. Deglaze the pan with the red wine and bring to a boil. Lower the heat to medium-low and cook for a few minutes or until the wine has reduced by about 1/3.

Add the vegetables to the pan. Add the carrots and potatoes. Cook, stirring, for 5 minutes. Return the steak to the skillet and add the thyme, pepper, and the condensed beef broth; stir well. Cover, reduce the heat, and simmer 30 to 45 minutes or until the meat and vegetables are tender.

Thicken the stew. Place flour in a small bowl or 2-cup measuring cup. Gradually whisk 2 tablespoons of cold water with the flour until smooth. Add the flour mixture to the stew and bring to a simmer. Cook over low heat, stirring constantly, for 5 minutes or until the stew is thickened.