Graph sketching has emerged as a powerful technique for processing massive graphs that change over time (i.e., are presented as a dynamic stream of edge updates) over the past few years, starting with the work of Ahn, Guha and McGregor (SODA'12) on graph connectivity via sketching. In this paper we consider the problem of designing spectral approximations to graphs, or spectral sparsifiers, using a small number of linear measurements, with the additional constraint that the sketches admit an efficient recovery scheme. Prior to our work, sketching algorithms were known with near optimal $\tilde O(n)$ space complexity, but $Ω(n^2)$ time decoding (brute-force over all potential edges of the input graph), or with subquadratic time, but rather large $Ω(n^{5/3})$ space complexity (due to their reliance on a rather weak relation between connectivity and effective resistances). In this paper we first show how a simple relation between effective resistances and edge connectivity leads to an improved $\widetilde O(n^{3/2})$ space and time algorithm, which we show is a natural barrier for connectivity based approaches. Our main result then gives the first algorithm that achieves subquadratic recovery time, i.e. avoids brute-force decoding, and at the same time nontrivially uses the effective resistance metric, achieving $n^{1.4+o(1)}$ space and recovery time. Our main technical contribution is a novel method for `bucketing' vertices of the input graph into clusters that allows fast recovery of edges of high effective resistance: the buckets are formed by performing ball-carving on the input graph using (an approximation to) its effective resistance metric. We feel that this technique is likely to be of independent interest.