Be sure to check this out. The Practical Real Estate Lawyer has published an article by colleague Matthew Ackerman (who has since become a Michigan Court of Appeals judge).
In “The Pitfalls of Objectively Measured Just Compensation: When Market Value Isn’t Enough” (pdf here), he writes about the ways that “just compensation” isn’t truly just. Those of you who have been around even a short time know how this works (or doesn’t). Market value as the measure when, by definition, eminent domain isn’t a free market transaction. The refusal to include fees and costs in the concept of just compensation (indemnity only for the property, not the property owner). Lack of relocation and business losses.
He also suggests some ways to deal with this. Here’s his summary of the piece:
This article explains why a subjective approach to just compensation would lead to more just



